Boston Finance has been placed in receivership after its moratorium came to an end.
Investors in the finance firm, which was formerly MFS Boston, voted in March 2008 to defer repayments of the $38.5 million they were owed.
The 1700 investors have received more than $14 million, or 37 cents in the dollar.
The trustee, Perpetual Trust, says an extension of the moratorium, which ended this month, would be too costly and be of little benefit to investors.
Perpetual Trust says there are eight outstanding loans totalling $15.9 million with much of it tied up in court action, which it says makes it difficult to estimate when the money may be repaid.
KordaMetha has been appointed as receiver.
Boston Finance is owned by Queensland-based Octavier, which is itself in liquidation.