Mr McEwan, who once planned to construct 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, with the company owing more than $20 million to BOSI (Australia) and more than $7 million to Strategic Finance Ltd. However, BOSI (Australia), the general security agreement (GSA) holder, had since sold the debt to Quilington Pte Ltd.
Mr Gibson told the Otago Daily Times this week he and Mr Graham had since retired as receivers.
In their final report, dated September 13, Mr Graham and Mr Gibson said as at July 13, BOSI (Australia) was owed about $12.3 million, plus accrued interest, and Strategic Finance was owed just over $7 million.
Quilington Pte Ltd appointed Richard Simpson and Timothy Downes, of Grant Thornton New Zealand Ltd (Auckland) on July 13 to continue the receivership.
On September 14 Insolvency and Trustee Service (ITS) was appointed as the company's liquidator, following a petition by Inland Revenue.
Liquidators have greater powers of investigation than receivers and are often appointed to look after the interests of unsecured creditors.
An ITS spokeswoman said the receivership would continue "in tandem with the liquidation".
The liquidator's first report is due next month.
The new receivers' report said based on information provided, $20,080,000 plus any accrued interest and penalties was outstanding in respect of the GSA dated June 12, 2007.
"It is unlikely that the general security agreement holder will be paid in full."
The new receivers had been advised there was $3,139,610 owing to the Commissioner of Inland Revenue, of which $1,986,119 was preferential.
Unsecured trade creditors were owed $201,461.
Based on available information, no distribution would be made to preferential creditors, the report said.
"As things currently stand, it appears that no funds will be available to meet the claims of unsecured creditors and that there will be insufficient funds to repay the full amount of the debt due to the general security agreement holder."
At the date of Grant Thornton New Zealand Ltd's appointment, the Pounamu Prime owned six apartments at Panorama Tce, four of which had since been sold and one of which has settled.
It was expected sale and purchase agreements for the remaining two units would be completed soon.
In July 2003 Mr McEwan incorporated Pauanui Properties and bought 3.15ha of land at Frankton and Perkins Rd in Queenstown for a residential development comprising 65 houses.
Pauanui Properties Ltd was placed into liquidation in October 2008 and ceased trading, with the final receivers' report relating to that company released earlier this year.
Grant Burns and Richard Agnew, of PricewaterhouseCoopers, said land at Frankton and Perkins Rd was sold in a mortgagee sale, but there were no surplus funds.
Hanover Finance Ltd and Strategic Nominees Ltd were listed as secured creditors, with a claim for petitioning creditors' costs of $2884.88 and three non-preferential unsecured claims totalling $37,282,398.72 received.
Mr McEwan was adjudicated bankrupt on February 26, 2009
