Creditors of the festival, owed more than $7 million, can expect less than 11¢ in the dollar back as a liquidator investigates transactions made by founder Peter Noble.

A report into the cancelled Byron Bay Bluesfest reveals creditors are unlikely to be repaid the millions of dollars they are owed.

Creditors of the festival, owed more than $7 million, can expect less than 11¢ in the dollar back as a liquidator investigates transactions made by founder Peter Noble.