The company behind the development of stages two and three of Kawarau Falls Station owes more than $131 million to creditors and at March 2 had a total of $193,431 in hand.
Peninsula Rd Ltd was placed in receivership and then liquidation in March 2010 and in their fifth report, receivers Timothy Downes and Richard Simpson, of Grant Thornton New Zealand, said the company owed more than $126 million to secured creditors Fortress and Allied Investments Ltd, with the amount owed to Bank of Scotland International (Australia) Ltd still "unknown".
Additionally, 38 claims had been received from unsecured creditors, owing a total of $5,071,879, while the Inland Revenue Department had filed a preferential claim for outstanding GST totalling $8531.
No property had been disposed of since the last report in November and the receivers were still assessing options pertaining to the disposal of property.
