The company behind a failed bid to build the Frankton Marina owes more than $1.6 million, with almost $1.2 million of that owed to unsecured creditors.
The first liquidators' report for Queenstown Marina Developments Ltd, prepared by joint and several liquidators Vivian Fatupaito and Andrew Hawkes, said the company was placed into receivership and liquidation in August.
Its sole director is James Robinson, of Timaru, with shareholders Edwin ''Buzz'' March and Clive Cousin, both of Christchurch.
The company, incorporated in April 2004, was involved in a marina development in Queenstown with the Queenstown Lakes District Council. However, a ''dispute appears to have arisen'', the report said.
The council proceeded with the marina development using a third party.
The first receiver's report, released in August, said the directors believed the council did not act in good faith and a complaint was laid with the Ombudsman.
Mr Hawkes said the Ombudsman was yet to deliver a substantive response on the complaint, made in 2012.
The liquidators had ''limited avenues'' for recovery because the company was not trading.
Assets were listed as a resource consent, marina development plans and a ''contingent asset regarding the arrangement with the council''.
''The outcome of the Ombudsman's complaint will provide more information regarding the contingent asset.
"The liquidators are assessing whether these assets are subject to charges and whether they are economic to recover.
''It is unclear at this time whether there are any other assets that are economic to recover.''
Mr Hawke said the sole secured creditor was Gem Financial Services Ltd, owed about $290,000 in outstanding fees, but no claim had been received.
Preferential creditor Inland Revenue had claimed $148,984.82 relating to GST and the liquidators had received eight claims from unsecured creditors totalling $1,189,483.82.
To date, no distributions had been made and the liquidators were ''unable to advise the likelihood of any future distributions''.
