Receivers of Southbury Corporation say it owes South Canterbury Finance almost $104 million.
McGrathNicol has issued its first report into the company, which was placed into receivership in November.
Southbury owned South Canterbury Finance, which was placed in receivership on 31 August, costing taxpayers nearly $1.8 billion.
Southbury Corporation is owned by Southbury Group and McGrathNicol is the receivers for all three entities.
McGrathNicol says its main assets are a loan to its parent - worth about $18 million - and its 100% stake in South Canterbury Finance, which is valued at $245.5 million.
But the receiver says it won't know how much Southbury will get back until South Canterbury Finance's assets are sold.
McGrathNicol says it's aware of concerns from investors and other parties, about the lender's activities before the receivership.
The receiver says it's possible Southbury Corporation was involved in some of them. If it becomes aware of potential breaches, it will pass them on to regulators.