Receivers of the Te Kaha Resort in the Bay of Plenty are calling for more buyers to come forward after only having two offers put on the table.

Te Kaha Resort.

One offer is from Auckland, another is Bay of Plenty-based, says receiver Iain McLennan, who is a partner at Auckland-based insolvency specialists McDonald Vague.

'The price is set by the market, and we are considering two very different offers at the moment which has meant going off to discuss matters with valuers – but apart from that, it's the more the merrier.

'Both offers so far are from parties intending to continue running the Te Kaha Resort as a going concern. Why else would you buy it?

'We've had no indication of any change in business use or activity. It was a purpose-built facility.”

Dominion Finance spent more than $5 million building the resort, which was completed in 2007 with a helipad, a heated pool, and ocean views.

The loan was noted by prosecutors during the Dominion Finance fraud trial in the High Court at Auckland last year, where the advance was referred to as a problem loan.

The borrower and former owner Te Kaha Resort was put into receivership in 2009, owing $6.05 million to Dominion Finance out of a total debt of $12.73m.

After trading in receivership, the resort complex was sold in 2011 to a company called Te Kaha Resort (2011) Ltd for about $3.1m.

Peter Bidios took over as director of the complex. He's also the director of Te Kaha Kapai Ltd (in liquidation and receivership), which owes former employees $12,000 in wages and holiday pay. It also owed IRD $139,000 in GST PAYE and other payroll deductions.

Receivers from McDonald Vague were called in November 2013, when the company defaulted on payments to the main creditor.

The receivers first report for Te Kaha Resort 2011 Ltd shows secured creditors are owed about $4.6m, and unsecured creditors about $140,000.

Anyone interested in buying the resort can contact the receivers or Bayley's Real Estate, Tauranga.