HIH Insurance creditors left out of pocket when the company collapsed in 2001 will soon be getting part of their money back when dividends of five cents in the dollar are finally paid out in June.

Creditors approved the dividend arrangement last week in Sydney. They had originally expected a dividend of 10 cents, but were happy with five.

Liquidator Tony McGrath has so far recovered $1.8 billion of the original $5.3 billion losses which will be paid to the 15,000 creditors. He is expecting the dividend payouts to continue for a further five to seven years until the final losses are recovered and paid back.

Another instalment is expected in December.