A Tauranga builder who went into liquidation leaving behind 30 unfinished houses owes at least $4.35 million.

This has been revealed in liquidator Tom Rodewald's first report into the financial affairs of Bella Vista Homes Ltd.

Rodewald's report on the Pyes Pa-based company was as at November 1 - the date Bella Vista went into liquidation.

Further work to finalise the accounts included putting amounts beside nine secured claimants. The amounts were currently listed as ''unknown''.

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The largest secured claim identified so far was nearly $1.1m owed to Carter Holt Harvey, the report said.

Looking at the next phase of work on the liquidation, Rodewald said in his report that he would be looking particularly at related party transactions. ''We note some assets were transferred out of this company after it ceased to trade.''

Rodewald also noted that the company's banker had its debt fully repaid by a related company prior to liquidation.

His report showed total estimated company assets at November 30 of $139,461 of which $80,000 were for cars.

Company assets yet to be finalised included work done on houses that had not been invoiced by Bella Vista. ''An early review of contracts underway indicates some work in progress has yet to be invoiced.''

The current account of the company's sole shareholder Danny Cancian showed a ''nil'' balance. Rodewald said the shareholder had been asked to provide a statement of his assets and liabilities.

''We understand he may file for bankruptcy.''

Rodewald told the Bay of Plenty Times Weekend that Cancian would not have to provide a statement of his assets and liabilities if he filed for bankruptcy.

Efforts were again made by the Bay of Plenty Times Weekend to contact Cancian, including through his accountant, but he did not return calls.

The amount owed to unsecured trade creditors totalled nearly $1.57m.

In his report, Rodewald said Cancian had blamed the failure of the company on delays to the completion of contracts caused by ''regulatory authorities'', along with a lack of profitability.

''In October 2017, Worksafe New Zealand issued a number of enforcement notices on various sites which resulted in the company ceasing to trade,'' the report said.

Earlier this year it was reported that Bella Vista Homes was also one of the reasons why the Tauranga City Council ordered an independent review of its building services department.

The subsequent report revealed that a single building consent application by Bella Vista generated 81 requests for information by building consent processing staff.

Rodewald's report said that in conjunction with regulatory issues, a former company director and shareholder was bought out by Bella Vista Homes.

''This buyout had a negative impact on the company cash flow and profitability.''

Prior to liquidation, the company's management reviewed all outstanding contracts and established that many would result in a negative return if completed, the report said.

Rodewald told the Bay of Plenty Times Weekend that once Bella Vista ceased trading in October, 10 of the 30 building contracts were terminated by the company's clients.

The 30 unfinished homes were in an area of The Lakes subdivision on Lakes Boulevard.

The next Liquidator's report was expected in six months.

Statement of claims and creditors as at November 30:

Secured claims, known amounts: $1.252m
Inland Revenue preferential claim: $858,000 (GST)
Unsecured creditors: $2.239m
Total number of creditors: 95