The liquidators for Royal Tongan Airlines say secured and preferential creditors will be given priority but it is unclear how much unsecured creditors will get.
Richard Agnew, a partner at Pricewaterhouse Coopers in Auckland, says the company's assets have been secured and a strategy is being devised to determine how best to deal with them.
Mr Agnew says the assets mainly comprise of domestic operations, including two aircraft, equipment and a hangar at the domestic terminal.
He says the company's main creditors are banks.
"There's a couple of banks involved, but besides funders into the company, the main creditors are some of the airports around the Pacific for landing rights and obviously staff are owed a sizeable amount as well for unpaid wages, holiday pay etc"
Mr Agnew says the company is owed several million dollars by debtors who include travel agents and individuals around the Pacific.
He says aviation consultants are currently trying to assess the value of the company's assets.