The receivers' first report said three Blue Star companies owed about NZ$122 million ($97 million) to a syndicate of banks fronted by the Bank of New Zealand.

Ex-Blue Star Group Holdings, ex-Blue Star Group Investments and ex-Blue Star Group also owed about $42.4 million to unsecured creditors, according to the report.

Blue Star sold its Australian business to Geoff Selig on 5 November and its New Zealand business to Tom Sturgess on January 1. Blue Star's holding companies were then wound up on 16 January. Andrew Grenfell and William Black from McGrath Nicol were appointed liquidators, and Michael Stiassny and Brendon Gibson from KordaMentha were appointed receivers.

The receivers' report said unsecured creditors were likely to lose all their money. When contacted by ProPrint, KordaMentha wouldn't be drawn on the potential return to secured creditors.

[Related: Ups and downs of Blue Star]

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