Dominion Finance Holdings' creditors have forced the troubled company into liquidation.
The company was placed in receivership last year, after its trustee rejected its restructuring proposal.
In December, the receivers of the Dominion Finance Holdings said debenture holders could get as little as 10% of their original investment back.
The company is now in the hands of liquidators Corporate Finance.
It owes some 6,000 investors about $224 million.