Creditors of collapsed pre-mixed spirits maker Billson’s Beverages are likely to receive as little as 7.4¢ in the dollar after administrators at McGrathNicol recommended the business be split up and sold off.

While unsecured creditors of the business, which went into administration on July 31, will receive between 7.4¢ and 9.6¢ in the dollar, the company’s major lender National Australia Bank will be paid in full for the $12 million it is owed.