The deficit is based on the stricken firm's estimated assets and liabilities as at May 31 and confirms unsecured creditors are likely to get nothing.

Liquidators John Cregten and Andrew McKay said they won't call a meeting of creditors because they "believe the value of the assets of the company available for distribution to unsecured, non-preferential creditors is likely to be zero."

On that basis, a creditors' meeting would impose an "unreasonable" additional expense on funds available to complete the liquidation.

The financial statement shows Strategic had some $11.7 million in cash, assets and accounts receivable that haven't been specifically charged and are available to preferential creditors. Charged assets include the net property loan book at $234 million, making assets available to secured creditors $246.7 million.

Against that comes money owed to Bank of Scotland of $76 million and secured debenture stock of $291.7 million, leaving a deficit after secured creditors of $121 million.

When money owed to unsecured creditors is included, the book value deficit blows out to $195.5 million.Unsecured creditors are owed $55.7 million in interest payments, $11 million from subordinated notes and $1.46 million for unsecured deposits. Trade creditors are owed $526,000.

Strategic Finance was sent to the receivers in March by trustee Perpetual Trust, ending a moratorium arrangement that had been in place since December 2008. The finance company missed its milestone repayment on January 7 after it failed to generate enough loan recoveries.