Creditors owed a reported £25 million after the collapse of Birmingham airline duo have been told they must wait another 17 months for a " pittance" settlement.
About 500 creditors stand to receive just 7p for every pound they are owed - an increase of 2p on a previous estimate from administrators Deloitte.
In their latest progress report, William Dawson and Andrew Peters said they had been granted an extension until October 31 next year to agree all claims made by creditors - two and a half years since the airline went bust.
Both the delay and the level of payout has been criticised by duo's former head of communications, Adrian Kibbler, who stands to receive £511 out of the £7,300 he is owed by the company.
He told The Birmingham Post that unanswered questions surrounded duo's fate should lead to a full Department for Trade and Industry investigation.
He added: "Any pittance that they may eventually receive will have been eroded by almost three years of inflation.
"When duo collapsed thousands of passengers were left stranded throughout Europe, hundreds of creditors from all over the world ranging from one man bands to multinationals were left owed huge sums of money.
"More than 300 people directly employed by the company who thought that they had a share in the business lost their jobs - there were presumably considerable other job losses amongst suppliers and contractors."
About 500 unsecured creditors stand to lose out, including large oil companies and smaller firms.
Among the Midland business who suffered after the crash of the airline - which was bought out from Maersk - are Birmingham City Council, Saga FM, the Hilton Birmingham Metropole, the NEC and Birmingham International Airport.
The Deloitte report states: "Based on current estimates, we consider a dividend of 7p in the pound may be paid to the unsecured creditors of (duo) Airways.
"This is a 2p increase on our previous report and is as a result of improved asset realisation and a reduction in the estimated value of passenger claims."