Unsecured creditors of Duo, the Birmingham airline that crashed in 2004 with debts of £23 million, are to get a payout of less than four per cent.
A final report by administrators from Deloitte has shown that nearly 500 trade creditors, including Birmingham International Airport and the National Exhibition Centre, will share just £913,000 or 3.93 in the pound.
Deloitte will collect £1.012 million in fees and expenses. One angry creditor, who has received a cheque for £200 to cover a bill of about £8,000, said: "The only winners here would be appear to be Deloitte.
"As far as I am aware the directors of Duo have never been brought to account. The company was managed in an appalling way, losing a horrendous amount of money in a short space of time. The losers were the employees, the suppliers and tourists who were left stranded all over Europe."
About 1,000 passengers were stranded across Europe and more than 300 staff lost their jobs in May 2004 when Duo went bust after only six months in business.