Two investment firms controlled by Allan Hubbard, Southbury Corporation and Southbury Group, owed South Canterbury Finance nearly $190 million when receivers were appointed last year.
In its first six-monthly report, McGrath Nicol say it's still too early to tell whether secured creditors will be repaid.
The relationship between Mr Hubbard's two Southbury investment concerns and his South Canterbury Finance is complex and tangled.
Southbury Group owns Southbury Corporation, which in turn holds shares in South Canterbury Finance.
The lender was owed $84.7 million by Southbury Group, and $103.9 million by Southbury Corporation, when receivers were appointed last year, which cost taxpayers $1.8 billion.
The receiver's report shows Southbury Group had $7 million of net assets, based on total assets of $198 million less total liabilities of $191 million.
McGrathNicol says a significant amount of its time has been spent understanding South Canterbury Finance's refinancing and asset transfers that flowed through Southbury Group.
The receivers say it's still too early to say whether Southbury Group's secured creditors will be repaid, but it's extremely unlikely that unsecured creditors claims will be met.