Creditors of the failed Televest Ltd. and Telecheck Holdings Ltd. are receiving some good news this Cup Match holiday, with word from liquidators that they will soon declare and pay an interim dividend of $2 million to all creditors.

The liquidation's first pay out -- estimated at about 25 percent of the collapsed group's total debt -- is expected to made by August 31.

Creditors heard two years ago that they may eventually retrieve somewhere between 21 and 37 cents on the dollar.

The joint liquidators, R. Gil Tucker, Charles W. Kempe and Peter C.B. Mitchell will continue to pursue the assets of the companies, which they say consist mainly of Signature Card and Travel Club balances and loans to directors.

They promise that further distributions may be made when sufficient collections are made.

The Televest Group of four companies, which was built by brothers Richard and Thomas Burns, was involved in credit cards, debt collection and a cheque approval service for merchants.

Televest Ltd. itself offered interest rates above local market interest rates, on purchases of preferred shares. Many people used it almost as a savings account.

But the companies began to collapse in December, 1993, leaving about 500 investors with claims of about $8.3 million.

Payment of dividends and redemption of shares were stopped when the companies were placed in provisional liquidation in December, 1993. For a company that was depicted in court as a house of cards, the cards came tumbling down as a result of claims from bankrupt UK companies which had provided start-up capital for the Televest companies.

Two years ago the three liquidators were appointed by the Supreme Court to oversee Televest, after a May meeting of some 150 angry investors at the Number One Shed in Hamilton.

Mr. Kempe said then that the companies had about $4 million to satisfy claims of more than $12 million.

Mr. Tucker and Mr. Kempe were also appointed liquidators of Telecheck Holdings Ltd., and related companies TBL Ltd., CTRAK Ltd. and Compuguide Ltd.

Last year a $2 million judgment was obtained against the Burns brothers and a third company director, Christopher Donnachie, said to be owed in loans from the companies.