Unsecured creditors are the big losers from the liquidation of Stonewood Homes.

The company went bust in February, owing 400 companies and contractors close to $20 million.

The brand and assets were bought by Inno Capital shortly afterwards, but liquidator Rhys Cain said there simply isn't enough to go around.

"Details of the sale by the receivers is still confidential at this stage but it is clear that there won't be any funds available for unsecured creditors."

Rhys Cain says they may look to reverse some transactions paid by Stonewood Homes, and redistribute that money amongst the rest of the creditors if its found to have been paid in a preferential way.

Cain said there aren't any preconceived ideas, but an investigation is worthwhile.

"It warrants somebody going in, and having a look, and seeing whether or not there are actions to be taken that may well result in further recoveries for unsecured creditors."