Customers who paid for Farepak hampers are expected to receive less than £50 each, after handling fees are paid.
Almost 120,000 customers lost £37m when the Christmas savings club went into administration in 2006. Some invested up to £2,000 in the scheme.
Liquidator BDO said it had recovered £4m after the company’s former directors settled a legal claim. This is on top of £6m it had already recovered, according to the latest creditors’ report.
The latest recovery will increase the amount expected to be returned to customers from 5p for every pound they lost to 15p, BDO said. This amounts to a total recovery of £5.5m.
However, insolvency experts told The Times the amount recovered will be little more than the liquidators’ costs.