The receivers of Bridgecorp say it is still uncertain when investors will get anything back.
PricewaterhouseCoopers say 14,500 secured debenture holders are owed $459 million by the failed finance company.
Previously, receivers Colin McCloy and Maurice Noone told investors to expect less than a tenth of their money back.
They now say about $157 million was recovered from New Zealand loans by July, but only $17.8 million is available to repay Bridgecorp because the finance company is not first in line.
The receivers do not expect to get anything back on the $106.6 million Momi development In Fiji.