National builder Ebert Construction has gone into receivership with debts of around $40 million, and the future of its 95 staff is in jeopardy with wages being paid day-to-day.
The firm's 15 building contracts - as well as work and payment of dozens of subcontractors - also now hangs in the balance.
John Fisk, one of three PwC receivers of the business with Auckland and Wellington offices, said: "We think the shortfall will be about $40m."
That is the amount of money Ebert could owe to its many creditors, Fisk said, but a precise figure was not yet available and that was only an initial estimate. Creditors would, however, be left out of pocket, he said.
"There will certainly be a shortfall but the extent of it, we don't know yet. There is an asset-owing company but that's not part of the receivership," he said.