A hearing is expected to begin in Sydney next week to determine what happens to the $2.28 million surplus from the liquidation of Parkway One Pty Ltd that is being held by the NSW Supreme Court.

The company, controlled by Page's former wife Fiona Page, was placed in the hands of liquidator Andrew Scott, of PriceWaterHouseCoopers, in 2019 and three Newcastle properties were sold for about $6 million.

Since then a dispute has erupted over where the funds should be distributed, as Parkway One's unsecured creditors, still owed about $200,000, wait to see if they will receive a return.

As the Newcastle Herald reported in January, Ms Page and her ex-husband's long-term friend, former dot.com rich lister Theo Baker, are at odds over a series of loans and if they have been repaid.

Mr Baker, who was instrumental in helping Page avoid jail in 2018 on a fraud conviction, appointed receivers to two companies in an effort to recover millions he claims his company, CL Assets Holdings, is owed.

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The companies, Shyzi Pty Ltd and Ohmut Pty Ltd, are also controlled by Ms Page, who remains a close associate of her former husband. CL Assets Holdings installed KordaMentha's Kate Conneely and Rahul Goyal as receivers of the two companies, initially claiming almost $7 million.

This has now been reduced to $1.485 million due to cross-collateralisation of alleged loans. It's understood Ms Page is insisting the loans have been repaid.

Insolvency News Online reported that the parties came together In the Federal Court last month, to allow the transfer of proceedings commenced in the NSW Supreme Court to the Federal Court ahead of a seven to 10 day trial scheduled to commence on Tuesday.

Mr Scott's barrister Hugh Somerville foreshadowed an application from the liquidator aimed at quarantining the balance of the surplus, or $795,000, not being claimed by CL Assets Holdings.

If successful, the money would be transferred from the NSW Supreme Court's bank account to Parkway One's liquidation account controlled by Mr Scott.

Page was convicted of fraud in July 2017 for selling a friend a fake diamond ring for $85,000 and the Newcastle Herald revealed how dozens of Hunter investors and tradespeople lost money to the scam artist.

His web of deceit, stretching back decades, involved failed investments that left him owing friends and former associates more than $17 million.

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