Some former staff of the defunct telephone fundraising agency GoGen could receive as little as 1 per cent of what they are owed, while the company’s administrator has accumulated fees of more than £400,000.
BDO was appointed administrator on 28 July 2015, days after the company ceased trading with the loss of 485 jobs.
In a progress report filed with Companies House last week, BDO revealed it had accrued time costs of £427,023 for working 1,617 hours at an average rate of £264 an hour. It has so far been paid £149,248 of this.
BDO has received two extensions to its period of administration and is due to complete its work by 27 July.
A BDO spokesman said: "In accordance with the law and in common with other accountancy professionals, our fees drawn to date have been charged with the full approval of secured and preferential creditors.
"The fees we have drawn are also significantly less than the time charged to the assignment."
The report details contrasting fortunes for GoGen creditors.
An interim dividend of 70.74 pennies in the pound was made to preferential creditors on 2 February this year, totalling £196,263, for redundancy payments, wages and holiday pay.
Of the company’s 485 staff, 272 have preferential claims in the administration. These are former employees who are owed holiday pay, arrears of pay capped at £800 and deductions taken but not paid to occupational pension schemes.
The report says preferential creditors are expected to receive a further £106,000 in a second and final payment for pensions and "certain elements of a protective award handed down by the employment tribunal".
But unsecured creditors, which include staff and 73 suppliers, are likely to fare considerably less well.
The report says they have lodged claims for £2.1m, but only £20,673 is likely to be ring-fenced for them, which amounts to just 1 per cent of the value of their claims.
HSBC, a secured creditor, is also likely to lose a considerable sum. It received a £60,000 payment on 13 February but is owed £724,000. "It is anticipated they will suffer a significant shortfall," the report says.