Liquidators of the failed Sovereign Homes say the company owes $4.25 million.
The Auckland-based company, which was one of New Zealand's largest non-franchised house builders, was placed in liquidation last week.
The liquidators from Accru Smith Chilcott have just released their first report, which shows they expect to realise $110,000 from the company's assets.
But that will not be enough to repay staff and the Inland Revenue Department, which are owed $123,000.
Sovereign owes unsecured creditors $2.3 million.
The liquidators highlight a number of reasons for the company's failure, including fewer contracts for new homes, increased competition eroding profit margins, and delays between contracts being signed and building getting underway.