Investors in the least well secured of the funds operated by Provident Capital can expect a final return in the range of 17 cents to 19 cents for every dollar of capital, says PPB Advisory, the firm's receivers, in its annual report. Provident, a managed mortgage fund that failed 15 months ago, is in liquidation.PPB said it plans to pay a third interim distribution to debenture holders of the fixed-term investment fund in October 2013 of two cents in the dollar.The receivers said many asset realisations "have been significantly below the company's carrying values previously reported by Provident.""Realisations have been significantly impaired for a number of reasons, including a lack of demand for properties that required significant investment to make them marketable."PPB said the loans remaining in Provident's loan portfolio "are essentially all non-performing, resulting in further asset realisations being costly, difficult and protracted. We have therefore had to make significant provisions against these assets."Investors in two other well secured Provident funds, as well as Bendigo and Adelaide Bank, can expect to recover 100 cents in the dollar.PPB also observed that "throughout the course of the public examinations of Provident's directors in April and June 2013, we have confirmed that many adverse circumstances surrounding the company's loan portfolio were known by its directors, but were not properly disclosed to debenture holders, [the trustee] or ASIC."In recent months, in the Supreme Court of New South Wales, lawyers for PPB examined former CEO Michael O'Sullivan, John Sweeney (a former CEO of Orix), Malcolm Bersten (the in-house lawyer) and Trevor Seymour (a director of Brentnalls NSW, the chartered accountants)."We are continuing our investigations into the Company's affairs in order to identify whether recovery actions may be pursued against various third parties," PPB said.