Investors in the failed Hubbard Management Funds will have to repay more than $3 million after being overpaid in an interim distribution.
Statutory managers Grant Thornton say about 50 investors in Hubbard Management Funds, an investment vehicle for the late Alan Hubbard, are affected.
In its latest report, Grant Thornton says that the interim distribution was made to investors using a method designed to minimise the risk of overpayments.
But the High Court later accepted another model from Mr Hubbard's widow, Jean, which led to some investors being overpaid.
Grant Thornton says it will now write to each investor to verify their cash contributions to the fund and withdrawals.
It says the process, and any subsequent appeals by investors, will delay any further payments.
In a separate report to investors in Aorangi Securities, another Hubbard investment vehicle, Grant Thornton says it will make an extra 3 cents in the dollar payment to investors next week, on top of the 12 cents already paid.
But further payouts depend on the outcome of legal action with Jean Hubbard to determine who owns $60 million worth of investments.
Grant Thornton says there could be a significant shortfall to investors if the court decides ownership lies with Mrs Hubbard.
Between June 2010 and May 2012 Grant Thornton has charged nearly $10 million dollars to administer Hubbard Management Funds and Aorangi.
The two were placed into statutory management two years ago owing investors $82 million and $96 million respectively.