Most of the assets of the once dominating dairy processor were sold to Saputo in 2018, but a shell company remained to finance litigation and pay for the costs of winding up the company.

The company had its roots in northern Victoria in 1950. Before it was sold it had assets of more than $1 billion and annual revenues of more than $2 billion. At its height it was the largest buyer of raw milk and employed several thousand people.

A report to the special meeting on June 26 put the total assets of the remaining company at $264 million, with $259 million of that in cash.

The company paid $443 million to shareholders and unit holders immediately after the sale of the company to Saputo.

The liquidators announced an interim distribution of 43 cents per share to be paid on October 19.

Liquidator John Lindholm said a further and final distribution may be made, depending on the outcome of the last remaining legal action.