Creditors are claiming $4.1 million from the failed Bella Vista Homes development in Tauranga.
Bella Vista Housing Development. Photo: RNZ / Eva Corlett
But the first report by a new team of liquidators showed there was just $28 on hand at the moment to pay them back.
Unsecured creditors were claiming $3.4m and the IRD $679,000.
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Liquidators Rhys Cain and Rees Logan warned the amount could rise as more claims came in.
They planned to try to recover what was owed, the report said, including by taking legal action against former directors and shareholders, and companies they did deals with shortly before Bella Vista was liquidated.
Several transactions took place that "had the effect of eliminating balances owed by these related companies at a time the company was insolvent", the report said.
The liquidators were waiting for legal advice about what to do next.
"It is not practicable at this stage to provide an estimated date for the completion of the liquidation or an estimated payout to unsecured creditors."
The former liquidators were paid $21,000 in fees between November 2017 and January 2018, the report showed.
Tauranga City Council pledged to buy the 21 homes after it signed off on the shoddy building work.