Mr McEwan, who planned to build the Hilton Queenstown in Frankton Rd, incorporated the special purposes entity in November 2003 to develop a 34-apartment complex in Frankton Rd.
Receivers Grant Graham and Brendon Gibson, of KordaMentha, were appointed by the Bank of Scotland International (Australia) in April 2009, when the company owed more than $20 million to that bank and more than $7 million to Strategic Finance Ltd.
Bank of Scotland International (Australia), the general security agreement (GSA) holder, later sold the debt to Quilington Pte Ltd.
Mr Graham and Mr Simpson retired as receivers last year, replaced by Timothy Downes and Richard Simpson, of Grant Thornton New Zealand.
In their report, the receivers said two units had been sold and five settled from July 13 to January 31, for a total $1,836,041.13.
The sale of one lot was the only "outstanding matter".
Based on the information provided by the GSA holder, $14,047,856 plus accrued interest and penalties was outstanding in July last year. Between July and January, $1,74,677.07 had been paid to the GSA holder.
"The balance still owing is $12,306,179, plus penalties, and interest. It is unlikely that the General Security Agreement holder will be paid in full."
Pounamu Prime Ltd had also made payments to the receivers ($24,006.45), legal fees ($13,792.81) and GST ($253,928.07).
The report said $3,139,610 was owing to the Commissioner of Inland Revenue, of which $1,986,199 was preferential. However, it was unlikely any distribution would be made to preferential creditors.
"As things currently stand, it appears that no funds will be available to meet the claims of unsecured creditors."
Grant Graham and Brendon Gibson, of KordaMentha, ceased to act as joint receivers and managers of Melview (Kawarau Falls Station) Development Ltd and Melview (Kawarau Falls Station) Investments Ltd on March 14.
They were replaced by Brian Mayo-Smith and Andrew Bethell, of BDO Auckland.
The companies were developers behind stage one of the Kawarau Falls Station project, which went into receivership in May 2009.
The Melview (KFS) Group owed about $117 million to Bank of Scotland International at the time of the receivership, while unsecured creditors were owed about $4.9 million.
By December last year, the group owed the bank $156.2 million, and unsecured creditors were still owed $4.9 million.
