Rangers' creditors are in line to claw back an even smaller fraction of what they are owed after a claim was lodged for almost £1 million in fees for dissolving the oldco.
Liquidators BDO and two firms of lawyers want the sum for five months' work last year in winding up the former company behind the Ibrox club.
The creditors' pot will be reduced from £2.27m to about £1.3m if their application is successful.
The money available to those left out of pocket by the collapse could be reduced by a further 50% if further legal costs are taken out.
BDO has warned the liquidation might not be closed for a considerable time because of outstanding legal cases, adding further concern about costs.
The firm was appointed to wind up RFC 2012 plc, formerly The Rangers Football Club plc, in October last year
The move brought to an end the period of administration by Duff and Phelps. Former owner Craig Whyte began the process after HMRC lodged a petition over the non-payment of millions of pounds of tax.
Duff & Phelps sold the business and assets of Rangers to a consortium fronted by Charles Green for £5.5m when a company voluntary arrangement was rejected by HMRC in June last year.
Rangers relaunched in the third division while the renamed operating company, RFC 2012, headed for liquidation.
According to a new creditors' circular, BDO is to be paid more than £640,000 for its work between October 31 and the end of March this year. The lawyers who worked with BDO, Brodies and Stephenson Harwood, between them, are taking nearly £340,000 for the five months..
BDO will only draw its money if no appeal is lodged over the remuneration by June 5.
The firm says in the creditors' circular: "The prospects of a dividend are highly contingent upon the outcome of certain key areas of investigation.
"At this stage, it is not appropriate to estimate the level of dividend that may ultimately be available to unsecured creditors."
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