The liquidators of the Telecheck Holdings Ltd. group of companies have stated they will pay a final dividend in the region of $910,000 to creditors.

The sum will bring the total paid out to creditors since 1993 to about $4.35 million of the $14 million owning.

Televest, Telecheck and related companies THL Ltd, TBL Ltd, CTRAK Ltd. and Compuguide Ltd. went bankrupt in the early 1990s.

Joint liquidators Gil Tucker and Peter Mitchell stated in a report to creditors that it was no longer economic to pursue the remaining debts.

However they have agreed to asign the remaining balances to the Salvation Army after the company's liquidation is completed.

The Telecheck group of four companies, founded by brothers Richard and Thomas Burns, was involved in credit cards, debt collection and a cheque approval service for merchants.

The company's liquidators subsequently won judgment in Supreme Court against them and director Christopher Donnachie for the return of loans the three took from the company.

In the statement the liquidators reported they received $971,980 from the sale of their assets and through a negotiated cash settlement. The liquidators also reported receiving a cash settlement of $350,000 from the THL's former legal advisor, who was not named in the report.

According to a summary statement to creditors of the $14 million in claims only about $3.44 million in total has been distributed to creditors up to May 1999.

About $852,000 was paid to provisional and permanent liquidators, $463,025 for legal fees, and $221,268 on salaries.

Televest Ltd. itself offered interest rates above local market interest rates, on purchases of preferred shares. Many people used it almost as a savings account.