Initial developers behind stage one of Kawarau Falls Station owe $154.8 million to Bank of Scotland International (Australia) as at July 19 - up from $142 million in November last year.
Receivers Grant Graham and Brendon Gibson, of KordaMentha, were appointed receivers of Melview (Kawarau Falls Station) Development Ltd and Melview (Kawarau Falls Station) Investments Ltd in May 2009.
In their fifth report, dated July 20, Mr Graham said the companies were set up to develop stage one of the Kawarau Falls Station project - now home to Hilton Queenstown and Kawarau Hotel, which is managed by Hilton.
At the date of receivership, the assets of the companies comprised land and part-finished buildings, which had since been sold to a related company, Kawarau Village Holdings Ltd.
The amount owed by the companies to BOSI Australia included interest accrued since the date of receivership.
Amounts owing to unsecured creditors for both companies totalled $8.4 million, with Melview Development also having one preferential employee claim of $2451.92, relating to outstanding holiday pay.
The receiver said, based on the information available, "it is unlikely that there will be any funds available for unsecured creditors" in relation to both companies.
In the period from November 26 to May 25, construction costs for Melview Development increased to $36.4 million - up from $34.8 million in November.
Receivers were paid $1.2 million, with $1.1 million spent on legal fees.
Meanwhile, Peninsula Road Ltd, the company behind stages two and three of the development, owes more than $126 million to secured creditors Fort-ress and Allied Farmers Investments Ltd, with the amount owed to BOSI (Australia) listed as "unknown" in its latest receivers report.
The company is also in liquidation.
Timothy Downes and Richard Simpson, of Grant Thornton, were appointed receivers in March 2010 and since November had not disposed of any property and were continuing to assess options for the disposal of the receivership property.
A total of 54 unsecured creditors owed more than $4.2 million were recorded on company records, but 38 claims with total claims amounting to more than $5 million had been received.
It appeared no funds would be available to meet the claims of unsecured creditors, Mr Downes said.
