In the report dated May 3 to July 2, 2011, receivers Stephen Tubbs and Colin Gower said the Frankton-based company was placed in receivership "following default in terms of a demand" and at the request of the director, Steve Rout.
Unsecured trade creditors were owed $2,120,138.
Steve Rout Contracting was established in 1981 and was involved in the construction of Dunedin's Forsyth Barr Stadium.
Work on the stadium was continuing under Mr Rout's Blue 9 company.
The receivers' report said the company's principal assets were earthmoving plant and machinery, a commercial truck and motor vehicle fleet and all ancillary parts required to operate a civil engineering and earthmoving business in the Lakes district.
The value of the assets had been withheld as it was "commercially sensitive given the current public tender for their sale".
The residual assets were offered for sale by public tender, which closed on July 8.
"The business and assets of the company were offered for sale as a going concern prior to the receivers' appointment," the report said.
"The receivers were able to conclude a sale for the business and a part of the company's fleet to Blue 9 Ltd at market value.
"This allowed the receivers to maximise the value of all work in progress, to facilitate completion of contracts."
