CREDITORS owed more than £184,000 with the collapse of a Huddersfield travel firm have been offered just 3.6p in the pound.
Graham's Travel shut down in December, 2001.
At the time, insolvency practitioner Peter Sargent said the firm had been hit by the slump in the holiday market following the foot and mouth crisis and the September 11 terrorist attacks.
Mr Sargent, of Halifax-based insolvency firm Sargent and Co, said Graham's Travel had also been hit by the cost of marketing its trips and operating on narrow profit margins.
In a letter to creditors last week, Mr Sargent said his inquiries as liquidator suggested that the company had traded while insolvent.
He said the directors "ought to have known that the company could not avoid going into insolvent liquidation".
Mr Sargent said that following legal advice, it was decided to accept an offer of £10,000 from the company's directors to settle the matter.
Mr Sargent said that preferential creditors - including the Inland Revenue and Customs and Excise - had been paid in full.
After costs, a total of £6,695.97 was available to unsecured creditors, including suppliers. Unsecured creditors were owed £184,665.38, meaning they would receive 3.6p in the pound on their claims.
A meeting of creditors will be held on Friday, November 21, at Sargent and Co, Clare Road, Halifax, to conclude the liquidation.