Debenture holders in failed lender NZF Money face a likely shortfall as the receivers expect to write down the value of loans on its books.
Receivers Grant Graham and Brendon Gibson of KordaMentha expect to make a "material" impairment to the $28.3 million loan book, which will probably lead to a shortfall for debenture holders owed some $16.4 million.
Unsecured creditors owed $115,000 will probably go away empty-handed, they said in their first report.
"We are continuing to review the loan book and have commenced the process of collection of outstanding loans," the report said.
"We note however that several loans of significant size have already been subject to previous restructuring, and in many cases valuations for security properties are well out date.