Grave concerns for subcontractors owed money by Stonewood Homes.

The company's in receivership, owing unsecured creditors approximately $15 million. KordaMentha partners have been appointed as receivers.

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

SEE ALSO: Stonewood Homes placed in receivership

One Christchurch sub-contractor is penniless after the company's collapse, and wishes a law had been in place earlier, to protect people like him.

Painting and plastering owner James said Stonewood Homes owes him more than $100,000 dollars, and is seeking financial support.

"We've put all of our savings back into the business to keep going from the money that Stonewood hasn't paid us, and we're just at the end of our tether.

"We've got other work but how can we keep going if there's no money coming in?"

The Construction Contracts Amendment Bill aims to ensure subcontractors are protected in the event of a company folding.

But Labour's building and construction spokesperson Phil Twyford said it won't come in affect until March next year.

"Unless there are special provisions that have been put in place in the case of the Stonewood Homes recievership, I would be very, very concerned for Canterbury subcontractors."

Civil Contractors New Zealand South Island manager Ollie Turner said they worry especially about younger members.

"We advise our members that they must due diligence and credit checks before they do business with anyone, because there's unprecedented amount of work out there at the moment, there is going to be some failures."