Troubled hotel company Thirroul Property Holdings owes a combined $16.1 million to more than a dozen creditors.A financial affairs report to the Australian Securities and Investments Commission reveals most of this debt comprises three unpaid mortgages worth a combined $12.6 million.The remaining $3.5 million is listed against a handful of unsecured creditors, including repayment of $3.1 million in loans to the company from its directors, Thirroul residents Kosta and George Dimitrovski.George Dimitrovski did not return the Mercury's calls yesterday.The Australian Taxation Office, Wollongong City Council and Corrimal's Ziems Butchers are also owed money.Thirroul Property Holdings was placed in the hands of receiver Taylor Woodings almost two months ago at the direction of the primary mortgagee, Investec Bank.The company's sole asset, the Headlands Hotel, was placed into external management but shut down less than a week later amid safety concerns over the dilapidated state of the building.According to the report, a combined $9.2 million is owed to Investec Bank and Weriton Finance, which both hold secured mortgages over the hotel.The Dimitrovskis estimated the hotel was worth only $8 million, creating a $1.2 million shortfall.But Weriton Finance director Graham Werry still expects to recoup his lost money, claiming the site will be redeveloped."I am confident of recovering Weriton Finance's debt in full from the redevelopment of the site pursuant to the development application I will be lodging soon," Mr Werry said."Weriton Finance has contractual rights to pursue development of the site but the legal method by which it will do this is commercial-in-confidence at this stage."Taylor Woodings receiver Quentin Olde would not comment on the financial report yesterday, but said the site's future would become clearer once Wollongong City Council had completed an updated land use plan governing future development."The receiver is participating in this process and will await the outcome before determining the next step," Mr Olde said.Thirroul Property Holdings also owes $3.4 million to Australian Executor Trustees Limited, which holds partially secured mortgages against the Thirroul Beach Motel and the Lawrence Hargrave Dr property housing Jim's Fish Cafe.Their estimated combined value is $2.5 million, leaving a shortfall of almost $1 million.A former Headlands employee, Suellen Bromley of Bellambi, has put in a claim for long-service leave entitlements, which the Dimitrovskis estimate at between $5000 and $10,000.Unsecured creditors listed as being owed money include the Australian Taxation Office ($182,000); NSW Office of State Revenue ($105,000); Wollongong City Council ($70,000); Corrimal's Ziems Butchers ($6000); Integral Energy ($3390); Austar ($3300); and Windang security company Insight Security ($3000).Representatives from Insight Security and Ziems Butchers did not return the Mercury's calls yesterday.