A tiny surplus has been paid to some investors in one of Allan Hubbard's failed investment vehicles.

The statutory management of Hubbard Management Funds (HMF) has wrapped up and all 300 of investors got back at least $32.9 million of capital they originally put into it.

Around $500,000 of surplus remained once this capital was returned and has also been distributed to eligible investors.

The amount available was likely diluted after HMF's biggest investor, Graham Carr, winning a case earlier this year over how much he was entitled to from it.

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One of Hubbard's unincorporated vehicles, HMF had no separate corporate identity and traded assets freely with other entities controlled by the late Timaru financier.

Investors in HMF received unreliable statements, with Hubbard seemingly reporting positions based on his intentions instead of the actual situation.

As at March 2010, Hubbard reported to investors that the fund had assets worth $82.85 million.

When statutory managers from the firm Grant Thornton took over HMF, discrepancies were discovered and by June 2010, the funds' assets were valued at $47.7 million.

The statutory managers, which worked to untangle HMF's affairs, announced in 2013 that the investors would get all their capital back.

That has now happened, with a final payment of $7 million being made to eligible investors.

Ninety seven of the 300 investors collectively got back $2.2 million more than they put in. This is not being clawed back.

Of the $55 million realised during the statutory management, $35.6 million went to investors.

The statutory management cost $9.4 million - $4.5 million of this went to Grant Thornton and $2.6 million on legal costs.

Hubbard, head of the largest finance company to fail in the past decade - South Canterbury Finance - died aged 83 in 2011 as the result of injuries sustained in a car crash north of Oamaru.

His elderly wife Jean was driving the car at the time and was injured but survived the crash.

Mosgiel plasterer Andrew John Earl was later found guilty of careless driving causing death and careless driving causing injury.

At the time of his death, Hubbard's firm, Aorangi Securities was being investigated by the Serious Fraud Office (SFO) and was placed in statutory management in June 2010, owing investors up to $100 million.

The SFO laid 50 charges against Mr Hubbard under the Crimes Act but those were dropped shortly after his death.