The company behind stages 2 and 3 of Queenstown's Kawarau Falls Station development owes creditors more than $100 million, including $69,400 to the Queenstown Lakes District Council (QLDC).
Peninsula Road Ltd owns the land earmarked for the final two stages of the $1 billion development.
The land, next to partially completed stage 1, has not been built on.
The company, owned by Nigel McKenna, of the Melview Group, was placed into voluntary liquidation on March 24.
It had been in receivership since March 2, with Grant Thornton New Zealand Ltd appointed receiver by Fortress Credit Corp.
The liquidator's first report says Peninsula Road has three secured creditors: Fortress, Bank of Scotland International and Allied Farmers Investments.
Liquidator Chris Horton, of Chris Horton Associates, said the company had a "very large" secured debt of more than $100 million.
He said any distribution to creditors was likely not to exceed 20c in the dollar.
Unsecured trade creditors were owed $9.16 million.
The unsecured creditors provided services and activities including infrastructure relating to the land, he said.
"It is unlikely that any money will be available for unsecured creditors.
"Final details of the financial situation are not yet known.
"We are still receiving daily data which is going into the investigation side of our administration.
Once that is completed, we will have more information for creditors," Mr Horton said.
The report lists 55 unsecured creditors, including Destination Queenstown, the Otago Regional Council, the Queenstown Lakes District Council and the Westin Hotel Management.
QLDC finance manager Stewart Burns said the council was owed $69,400 in outstanding rates dating back to 2008.
The debt would remain outstanding on the land and would have to be paid if and when it was sold, he said.
Allied Farmers managing director Rob Alloway said the company took over as second mortgagee from Hanover Finance and was owed a "very large, substantial sum" by Peninsula Road.
The company had written down $99 million of Hanover's debt in its half-year accounts, released on February 28.
"We have taken the view of Kawarau Falls stages 1, 2 and 3 that the likelihood of recovering the debt is now rather slim.
"So we made heavy adjustments for that site ...
"It proved to be prudent because a few days later, Fortress appointed receivers," he said.
The company had made its decision based on "expense overruns" on stage 1 and the state of the construction industry at the time.
"We looked at stage 1 and thought the likelihood of stage 2 going ahead was somewhat slim.
"We also ... made an assessment the project would be very difficult to see its way through," he said.
The Westin was due to open one of the two stage 1 hotels, but stopped taking bookings last year and its spokeswoman has declined to answer questions about whether it still intends to operate from the site.
Grant Graham, of KordaMentha, receiver of the two stage 1 companies, has refused to confirm who its "preferred operator" is for the two stage 1 hotels.
Hilton Hotels has also refused to say if it is moving to the site, despite advertising for two management positions for a "Hilton Queenstown" on the shores of Lake Wakatipu.
