Bank of Scotland International had Melview (Kawarau Falls Station) Development Ltd and Melview (Kawarau Falls Station) Investments Ltd placed into receivership in May.
Receiver Brendon Gibson, of KordaMentham, said in a report released yesterday, the two companies owed about $117 million to the bank.
Mr Gibson told the Otago Daily Times the companies also owed $19 million to a second mortgagee, Hanover Finance.
The report also said Melview (Kawarau Falls Station) Development Ltd owed $11,990.16 to the IRD, $2451.92 to an employee for holiday pay and $3.5 million to unsecured creditors.
Melview (Kawarau Falls Station) Investments Ltd owed unsecured creditors $4.9 million.
"It is too early to determine whether there will be any funds available for payment to unsecured creditors, although we consider this unlikely," the report said.
Mr Gibson said the bank had confirmed it would continue funding the work.
"There is no firm decision made on where it's going to go. It's quite a complex arrangement," he said.
Rilean project manager Trevor Meikle said it was business as usual.
"We don't know who those unsecured creditors are. We work for the client and work goes on. We haven't been told otherwise," he said.
Companies, including Fisher and Paykel Appliances Ltd, Hardy Trade Supply Company and Sleepyhead, have registered with the Personal Property Securities Register for goods supplied. The receivers would continue to work with all parties involved in the development, including on-site management and consultants, to assess options for the companies' assets. "In the meantime, work continues."
Pre-sale agreements for all properties under stage one of the development were entered into before the receivership. Receivers would continue to talk to those parties.
The two companies were set up to develop stage one of the Kawarau Falls Station project, to be built over three stages in Queenstown.
"As at the date of receivership, the assets of the Melview Kawarau Falls Group comprised of stage one land and part-finished buildings. No property has been disposed of since our appointment and the development activity has continued," the report said.
Stage one of the development began in 2007 and includes two hotels, the Quadrant and the Westin, and three residential buildings providing townhouses, duplex units and apartments.
Melview spokesman Klaus Sorensen could not be reached for comment.
