Finance firm Strategic Finance hopes to repay the $325 million it owes to 15,000 investors over five years, after getting Trustee approval for its moratorium proposal.
The company stopped investors pulling their money out in August, and plans for a consortium led by the finance firms' former owners to buy it from its Australian owner fell over.
Strategic Finance chief executive Kerry Finnigan says the interest to investors will fall to 8% under the plan.
After the company repays the Bank of Scotland, payments to stockholders should start by September next year at the latest.
He said the aim is for investors to get all their money back as well as accrued interest, but that may be affected by the nervousness that surrounds the property and investment market.
Investors vote on the proposal in Wellington on 22 December.