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CREDITORS of Reuben Beazley Builder are unlikely to get any money back.
More than 50 creditors attended a meeting with liquidation firm Sellers Muldoon Benton at the National Hotel in Bendigo on Thursday.
Creditors heard Mr Beazley must pay $887,000 to banks and other financial institutions before any money flowed to them.
Business owners told the Bendigo Advertiser after the meeting they would still pursue Mr Beazley despite the likelihood of no return because they wanted to hold him to account.
A creditors list shows $633,000 is owed to 117 businesses but liquidator Justin Howlett said those figures were likely to rise as more creditors come forward and records are updated.
Universal Fencing director Aaron Cassidy said no one expected to get any of their money back.
"My guess is 0 per cent returned," he said.
"What he's done has hurt a lot of families. It's a criminal act.
"Hopefully the law will bring him to account. He needs to be held accountable and have all of his assets seized."
Other creditors vented frustration that banks would receive money first and Bendigo businesses would not.
The liquidator will receive $65,000 to carry out the process.
One Bendigo business is owed almost $70,000 with three others owed more than $40,000.
Creditors' documents also show Mr Beazley has total payroll liabilities of $43,348, including $8779 for one employee.
Sellers Muldoon Benton partner Justin Howlett said it was unlikely to see much money flow back to creditors.
"It's too early to determine one way or the other, but when you consider that there's more than $800,000 of secured debt, it can be difficult to see a return to creditors," he said.
"There are some actions that centre on an interest in real estate that we will now try and sell, and we hope that exceeds the level of secured debt, but it's unlikely.
"Some advice from this meeting we will follow up, but we are only two weeks into our appointment."
The liquidator will continue to sell real estate in the coming months.
Mr Howlett said the process would last months into 2015.
"It will take several months until we will know if there is a return or not," he said.
Reuben Beazley did not attend the meeting but Mr Howlett said the builder had assisted in all investigations.
Debt collector Central Victorian Mercantile commercial agent Leigh Stevens said assets were unlikely to cover the amount needed to get a return to creditors.
"From the sounds of it, there won't be anything left over," he said.
"It will be months down the track before we know for sure, but it doesn't look good at this stage."
One creditor felt sympathy for those owed larger sums of money.
Another described the meeting as "Reuben Beazley's Christmas party that only cost me $7000 to get into".