UPDATED 10.49am Stonewood Homes is in receivership, raising concerns the Canterbury building industry will be hit hard.

Grant Graham and Neale Jackson of KordaMentha have been appointed as receivers of Stonewood Homes New Zealand Limited, and sister companies Stonewood Homes Limited and Sterling Homes Limited.

Certified Builders CEO Grant Florence said there's concern over what this will do to the industry in Canterbury.

"Stonewood Homes were a significant player in the Canterbury market.

"The industry has had enough challenges," he said. "It will cause some uncertainty."

Independently owned Stonewood franchises operating throughout the country aren't affected.

One Christchurch sub contractor told Newstalk ZB that his company will go to the wall as a result of the collapse.

The tradie, who doesn't want to be named, said he's been chasing $60,000 owed to him for quite some time.

He said hundreds of other sub contractors are likewise affected, and knows of one plumbing firm at least that this will mean the end of.

Certified Builders CEO Grant Florence agreed there will definitely be an impact.

"From one perspective, the rebuild of Canterbury is going on well, and so some contractors I hope won't be disadvantaged financially as a result of this, although I'm sure there is plenty of other work for them to carry on."