Two Wakatipu companies linked to the Walter Peak Development owe $1.4 million in unpaid taxes, liquidators' first reports show.
Lake Wakatipu Land Holdings Ltd and Phoenix 47 Ltd were placed in liquidation in April.
The directors of Lake Wakatipu Land Holdings are Greg and Rod Nielson, with addresses in Auckland and Las Vegas respectively, but liquidators have been unable to contact them.
Liquidators Henry Levin and Vivien Madsen-Ries' report says the company was placed in liquidation because of unpaid taxes.
The company bought land in Belfast Tce, Queenstown, in 2003 and its accountant told the liquidators the land was developed and sold within two years.
The company's financial statements for the year ended March 31, 2006, show nine outstanding intercompany loans.
"However, of these nine, six of these companies are currently in liquidation or receivership. Thus, the likelihood of any recovery against these companies is remote," the report says.
Demands were being made against the three other companies.
The report shows Lake Wakatipu Land Holdings owes $890,000 to preferential creditors, $169,000 to shareholders' current accounts and $450,000 to unsecured creditors. It lists creditors as Inland Revenue, the Southern Property Trust and the Fernhill Development Trust.
Phoenix 47 Ltd was placed in liquidation on April 8 by Inland Revenue for unpaid taxes. The liquidators' first report says the company's director, Justin Russell, has an address in the UK, but despite numerous attempts the liquidators have been unable to contact him.
Mr Russell is also involved in other developments in and around Queenstown which have been put into receivership and/or liquidation.
The only known company assets are six accommodation units at Cardrona, which are subject to a general security agreement and mortgages.
The properties have been placed on the market for sale by the secured creditor, South Canterbury Finance.
Liquidator Iain Nellies said he understood the units were under contract waiting to be settled. He did not know how much the units were worth, but said it was unlikely there would be any funds for creditors in the liquidation.
As preferential creditor, the IRD is owed $464,154.53 and three unsecured creditors are owed $119,410.81.
Other creditors are the Otago Regional Council, WHK Cook Adam Ward Wilson and Cardrona Water Supply.
Rod Nielsen and Mr Russell are directors of the defunct Walter Peak Development, which owes $21.4 million to creditors.
Along with Greg Nielsen, they are directors of Queenstown Villas (NZ) Ltd, which owes $20.6 million to Strategic Finance.
Of Rod Neilsen's 61 companies, 17 are in liquidation or receivership. Six of Mr Russell's 18 companies are in liquidation or receivership. Neither could be contacted for comment.
