Max Key has spoken out after an Auckland construction company collapsed owing his business more than six figures.
The son of former prime minister John Key said he was "rattled" by the impact of the collapse.
Teak Construction Group was placed into liquidation earlier this month, with a report from liquidators showing the company owed about $7.9 million to creditors.
It has assets totalling just $6.4m, leaving a significant shortfall.
A company linked to Key, MTK Capital, was listed among creditors to the failed builder.
After asking his Instagram followers earlier this week if he should release a "tell-all" on the situation, Key has now spoken up in a video posted to the platform.
He said his construction business Key Companies is owed "well into the range of six figures".
"I'm owed over $100,000 for a that job we completed," Key said today. His team had done "exactly what we were contracted to do".
Key added: "We finished the work, we handed over the documentation, we provided the warranties.
"Then the head contractor went into liquidation. Our business is owed well into six figures, I'll be honest, that's rattled us."
He said the situation had also affected electricians and fellow subcontractors.
Teak Construction had been involved in a number of large developments across Auckland and regularly subcontracted work to smaller firms.
Major industry suppliers were also among those with financial exposure to the company, including Placemakers, Carters, Mico and Hilti New Zealand.
The firm operated for more than three decades and said it had completed hundreds of construction projects across commercial, government and residential sectors.
Shareholders placed the company into liquidation on March 2, appointing insolvency specialists to handle the process.
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