Unsecured creditors of Bexco, which was one of Bermuda's largest construction firms when it went bust in March, 1989, will receive no more than three cents on the dollar when the liquidation is completed soon. Liquidator Ms Janice Burns, of Kempe & Whittle, expects to declare and pay a final dividend to unsecured creditors within the next two months.

Ms Burns said: "There are a few claims still to be finalised and, assuming the satisfactory agreement of these claims, the likely dividend to unsecured creditors will be between two and three cents.'' Preferred creditors have already been paid in full, with Government receiving $165,623 for hospital levy, employment tax, social insurance and annual fees, and employees being paid $78,979 for wages and holiday pay.

Ms Burns said: "One of the reasons that this liquidation has taken several years if that there were several receivables to pursue, but the liquidator believes that any further collections efforts would now be uneconomical.

"All creditors who filed a proof of debt will be contacted directly when the dividend is declared.

"Once the dividend distribution has been made, the liquidator will apply to the court for a release and so bring the Bexco liquidation to a close.'' When Bexco went bust in March 31, 1989, it had estimated tangible assets of $1.59 million and liabilities of $2.65 million, leaving the company with more than $1 million in debt.