"Having just been appointed, we are working as quickly as possible to establish the companies' financial position and a path forward for the receiverships. We will communicate with all affected parties as we work through this process," Graham said.
Hughes said his business was owed about $15,000.
"We've done work with them for the last couple of years. We've worked on 50 to 100 houses. We've done a lot of warranty work, tidied up after other contractors. If the contractors didn't do the jobs right, we did everything from small repairs like doors not opening or shutting to a repaint.
"We didn't know about the receivership until articles came out that there were issues.
"We had issues being paid for the last six months and Stonewood were saying that some of it was in the queue to be paid. Any credit loss is disappointing. What we've lost only represents a small portion. We'll possibly lose $15,000 but there are other contractors out there that are owed a lot more than that, in the early hundreds of thousands of dollars," Hughes said.
Nothing will be known now until the first report was issued from KordaMentha, he said.
"There's been a lot of houses built in a very short space of time in Christchurch and it doesn't do good things for the industry either. You need to have quality systems in place and cash flow is key," Hughes said.
Grant Florence, chief executive of Certified Builders, expressed disappointment about the Stonewood receiverships.
"It potentially dents a bit more confidence in the building industry. I feel sympathy for homeowners who may be caught in the middle of it and I just hope subcontractors get looked after and get the money that's owed," Florence said.
David Kelly, Registered Master Builders Association chief executive, said Master Build Guarantees would mean places would be completed.
