A class action over a 2009 bushfire in the Victorian town of Beechworth has been settled for $32.85 million, and those who suffered a loss have until June 30 to register a claim.

Under the Victorian Supreme Court settlement, electricity distribution company SP Ausnet will pay $19.7 million; tree management firm Eagle Travel Tower Services $4.9 million and Parks Victoria $8.2 million. The settlement will cover 45% of the assessed losses from the bushfire.

The loss of a commercial timber plantation at nearby Myrtleford has been capped at $10 million, with each party agreeing to pay in the same proportion as the main settlement.

The settlement has also ordered the three defendants to pay the legal costs of those who were party to the class action.

The Beechworth fire on February 7 2009 was allegedly caused by a tree falling across an SP Ausnet powerline, resulting in it arcing against the pole. This ignited vegetation below the line. Two people died in the resulting bushfire, which destroyed 38 homes.