Creditors of collapsed retailer Godfreys will not receive any of the $45 million owed to them, while employees will be in line for between 73¢ in the dollar and a full payout.

Once a high-profile retailer, Godfreys collapsed in late January after operating for more than 90 years, buffeted by increasing competition from larger rivals like Harvey Norman and Amazon, and an older, out-of-favour range of vacuum cleaners. Godfreys, in particular, did not stock the hugely popular Dyson brand.