The liquidators of failed New Zealand insurer Western Pacific have hired debt collectors to pursue outstanding money, including from brokers.

David Ruscoe and Simon Thorn of Grant Thornton say debtors owe $NZ941,981 ($736,000), which includes “significant” unremitted premiums held by brokers.

Western Pacific went into liquidation in April last year following the Christchurch earthquakes.

Its only substantial asset is $NZ34 million ($26.6 million) in reinsurance, which the NZ High Court has ruled is owed to Canterbury policyholders who suffered earthquake damage.

The liquidators’ fourth report to creditors says Canterbury policyholders have $NZ48 million ($37.5 million) in claims from the September 2010 and February 2011 earthquakes.

Grant Thornton has gained access to records from the Earthquake Commission and Canterbury Earthquake Recovery Authority and says the claims team is reviewing information about quake damage.

The Canterbury policyholders are the only secured creditors; others will probably receive nothing.

The Inland Revenue and employees are preferential creditors, being owed $NZ87,559 ($68,000) and more than $NZ117,000 ($91,000) respectively.

Unsecured creditors are owed $NZ18 million ($14 million), including $NZ16 million ($12.5 million) in insurance claims.