Clothing manufacturer and retailer Lane Walker Rudkin owes more than $121 million, according to the first report from receiver BDO Spicers.
The Christchurch-based company went into receivership in April.
BDO Spicers says Lane Walker Rudkin's poor financial standards and bad corporate practices are simply inadequate for a company of its size.
One of the receivers, Stephen Tubbs, says Lane Walker Rudkin should never have got into such financial strife, and he now doubts whether the $6.7 million currently owed to unsecured creditors will ever been seen again.
The biggest loss is to Lane Walker Rudkin's bank Westpac, which is owed more than $111 million.
Staff are owed more than $2 million and Inland Revenue is owed almost $1 million.
One of the receivers, Stephen Tubbs, says he doubts whether the $6.7 million owed to unsecured creditors will be seen again.
Of the company's seven subsidiaries, it appears Southern Alps Socks is the only one to have any assets. Inland Revenue is understood to be first in line to receive any money owing.
Workers' fears
One of those made redundant, Jack Taylor, says there is still a lot of anger over what has happened.
He says it looks like workers will miss out on redundancy and holiday pay owed to them and many have not been able to get new jobs.
Mr Taylor says he feels the company's management did not react fast enough to stave off the collapse.
