Investors in Lombard Finance & Investments will have to wait longer for their next payment, while the receiver sorts out a $4.5 million claim from Inland Revenue.
Lombard collapsed in April 2008, owing $127 million to about 4400 investors.
Receiver PriceWaterhouseCoopers previously paid 9.5 cents in the dollar with the approval of Inland Revenue, which outranks investors.
The receiver hoped to make another payment before Christmas, but IRD won't allow that until its claim for GST is assessed.
PriceWaterhouseCoopers reiterated it expects to recover between 15% and 24% of investors' funds.
But that could fall to between 11% and 20% if the IRD's claim succeeds.
The next investor update is at the end of February.