The subcontractor in dispute with a construction company at Queenstown's Kawarau Falls Station development owes creditors almost $5.2 million.
CBD Construction, with offices in Cromwell and Christchurch, was placed in liquidation last month.
Before the liquidation, it took 50 workers off the Kawarau Falls site after a dispute regarding a "payment schedule" with Hawkins Construction.
CBD was subcontracted by Hawkins Construction to provide all the carpentry work for the 177-room Westin Queenstown, one of two hotels being built in stage 1 of the development.
Hawkins Construction terminated the contract and CBD walked off the site.
Andrew Oorschot, of Ashton Wheelans and Hegan Ltd, was appointed liquidator over the company, whose directors are Grant Blackmore and James Fry, of Christchurch.
Mr Oorschot's first report says the company owes creditors a total of $5.18 million.
It owed $135,000 in staff wages and holiday pay, $100,000 to the Inland Revenue Department, $232,000 to ANZ Bank and $4.7 million to unsecured creditors.
More than 250 creditors were listed in the report on the Companies Office website.
Mr Oorschot's report said the company's assets consisted of debts it was owed for construction work undertaken.
"Given that a number of customers have determined and/or terminated their construction contracts due to non-performance by the company, the likely recovery of balances owing under these contracts is difficult to predict," he said.
"Our best estimate at this stage is that the likely recovery for unsecured creditors is likely to be around 20c in the dollar."
The prospect of paying back debts was also in doubt because of "disputes and/or the customers' ability to pay the balance owing under certain contracts", he said.
CBD Construction has been in business for more than 20 years. It had been trading profitably up to March 31 last year, when it began to have cashflow difficulties because of non-payment by debtors, contractual disputes, and head contractors terminating large contracts on which the company had been working. The company ceased trading and shareholders placed it into liquidation on March 17.
