The group's first receivers' reports showed debts of $34 million, including $12.5 million owed to Westpac either directly or through cross-guarantees.
Blacktop's latest report, released yesterday, said the bank's debt has been reduced to $4.45 million.
As well as $4.45 million owing to the bank, more than $7.5 million is owed to shareholders of the company, who are unsecured creditors. Blacktop employees were claiming $920,000 and the receivers said yesterday that they expect to make a part payment to these creditors within the coming six months.
The group also owes $11.2 million to unsecured trade creditors.
"This figure includes significant amounts owing in Fiji and Papua New Guinea ... due to the expected shortfall and preferential creditors there will be no funds available from the receivership assets for unsecured creditors," the receivers said.
The vast bulk of Blacktop's fixed assets have already been sold.
During the receivers' reporting period - between September and March - an asphalt plant in Wiri was sold off.
There is still some property remaining to be sold by receivers - including overseas assets in Fiji and Paua New Guinea.
When Blacktop went under last September, director and daughter of the company's founder, Petah Dransfield, said there was a "systemic problem" in the industry.
"In our roading industry, people are bidding very low tenders. For several years we've been basically doing New Zealand roading contracts for very low prices and debtors have been paying late and the outcome of that is we're sustaining losses and running out of cash," she said at the time.
