Chester Street Insurance claimants missed out on compensation because PricewaterhouseCoopers (PWC) was forced to pay the claimants' lawyers first.
PWC liquidator Dan Schwarz-mann announced in March that Chester Street's creditors would receive 5% of what they were owed following the insurer's liquidation.
At the time, he said the percentage could rise once the level of future claims had been ascertained.
On Monday, Schwarzmann said legal costs had to be paid out of the 5%, which meant some claimants were left with nothing.
"As we have to pay the lawyers out of the 5%, it won't be until payouts go up to 7% that perhaps they will receive some money," he said.
Schwarzmann said claimants who had not involved solicitors in their claims had received their 5% payout.
Solicitor Frank Maguire of Thompsons' Glasgow office represents a large group of Chester Street claimants. He confirmed his clients had not received compensation from Iron Trades Management Services, which is handing the payouts for PWC.
Schwarzmann will hold a public meeting today (8 November) to explain the findings of the investigation into the conduct of Chester Street's directors prior to its liquidation.
He released a statement last Friday that said the investigation had raised no issues that needed to be pursued further.
Schwarzmann promised creditors he would conduct the investigation after there were allegations Chester Street had undersold its subsidiary Iron Trades by £47.5m.
Schwarzmann said he was holding the meeting because it was vital he was transparent about the way he conducted the investigation.
However, Maguire was scathing about the investigation, which he said aimed to find money that could be recovered by the liquidators, rather than search for wrongdoing.