OPI Pacific Finance has been put into receivership by its trustee, owing $257 million to investors.
Perpetual Trust ended a moratorium that had been in place since last year. OPI follows its Australian-based parent, Octavier, being placed in liquidation in July.
Secured debenture holders have been repaid just over 22 cents in the dollar. They are still owed about $200 million, while unsecured noteholders have received nothing of the $56.7 million they are owed.
Kapiti-based stockbroker Chris Lee says investors are unlikely to get anything more.