Investors in the failed finance company Capital & Merchant Finance have been told they're likely to get only 8% of their investment back.
That compares with the initial estimate of between 14% - 59%.
About 7000 debenture holders are owed about $165 million.
Receiver Brendon Gibson from Kordamentha has collected nearly $42.8m from 55 loans with a total book value of $182.6m.
Of this amount, $13.4m has been repaid to Fortress Credit Corporation, which is owed $20m.