The administrators running the rule over the collapse of Farepak have criticised the Christmas savings firm's directors for playing loose with customers' money.
Sending its first report to creditors and customers affected by the firm's slide into administration, BDO Stoy Hayward revealed that people will only receive 5p for every pound saved.
"It is clear that Farepak did not adequately protect the money paid in.
"On present information, the estimated dividend is likely to be in the region of 5p in the pound," the report states.
It goes on to accuse the firm, which lent £33 million to parent company European Home Retail in the run-up to its collapse, of not taking action to preserve people's savings even when it became clear that its disintegration was inevitable.
More than 130,000 people, most of who were on low incomes, were affected by the Farepak collapse, losing an average of £350.
And BDO Stoy Hayward has said it intends to "investigate the manner in which agents' and customers' deposits were protected".
A voluntary fund set up last year gathered £7 million for affected Farepak customers.
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