The company was behind the pioneering hotel at Arthurs Point, which comprises 78 rooms, a restaurant and bar, management offices, a commercial-grade kitchen, commercial laundry services, sauna and spa facility, an outdoor swimming pool and two-bedroom manager's accommodation.
The hotel near Queenstown also includes the resort's only commercial bowling alley.
The company was placed in liquidation in December; at the time, the February 22 Christchurch earthquake was described as the "death of the business".
The 5600sq m building, the bowling alley and 2105sq m of land at the edge of the premises leased to Rock Gas Ltd, were put on the market in a mortgagee sale by Bayleys in June, with tenders closing on July 20.
Bayleys Queenstown managing director David Murray told the Otago Daily Times yesterday there was "no update at the moment", but Bayleys was negotiating with one tenderer.
Christopher McCullagh and Stephen Lawrence, of PKF Corporate Recovery and Insolvency (Auckland) Ltd, said they had reviewed the company's records and "investigated the reasons for the company's failure".
"As at the date of liquidation, the only company assets were uncollected debtors. The majority of the outstanding debtors related to overseas tour operators who have since left New Zealand following the global economic downturn.
"The collection of the outstanding debtors has also been frustrated by the time period between when the debts were incurred and the date the company went into liquidation."
In December, the Otago Daily Times reported 57 creditors were listed, but the only preferential creditor was the Inland Revenue Department. At that time, it was owed an estimated $281,925.
The liquidators said IRD had submitted a preferential claim for outstanding Child Support Employer deductions, PAYE deductions and GST, now totalling $327,534.
"The liquidators will continue to collect on the outstanding debtors of the company with the view to making a partial distribution to the preferential creditor."
Seventeen unsecured creditor claims had been received in the six months from December 20, totalling $455,186, but "the liquidators do not anticipate any funds to be available for distribution to unsecured creditors in the liquidation".
A statement of the realisations and distributions of the company between December and June showed the company had $15,337 cash at bank, with debtors realising $4514 and $225 in interest, taking the total realisation to $20,076.
However, $2421, including $1573 in advertising, had been distributed, leaving a closing balance of just $17,655.
It was estimated the liquidation would be complete by December.
