Motherwell have offered creditors a dividend of 15p in the pound to move the club out of administration.
Motherwell have been in administration since April 2002
Administrator Bryan Jackson has sent a proposal to creditors that he hopes they will vote to accept at a meeting on 17 March.
"We hoped the dividend would be greater," he said.
"But that has not been possible because we have to pay the Inland Revenue and Customs and Excise as preferred creditors, at £1 in the pound each."
The Scottish Premier League recently agreed that clubs in administration on 31 May will be hit with a 10-point penalty, but that would be avoided if they have started the process of coming out of administration by then.
Motherwell's proposal requires a 75% majority of creditors.
"We are disappointed because, under new legislation, the Inland Revenue and Customs and Excise would receive the same as ordinary creditors," said Jackson.
"Unfortunately, Motherwell went into interim administration before the new legislation took effect and we are suffering from the letter of the law in this instance.
"However, we are able to pay a dividend where other clubs in administration have not been in a position to offer creditors anything at all."
Former Well chairman John Boyle called in the creditors after pumping millions of his own money into the club.
"We can only pay out the money available to us and the only reason we can pay out any dividend at all is because the main creditor, John Boyle, agreed to waive his right to take a divided from this distribution of funds," said Jackson.
"There is a possibility of a further dividend to creditors, but this would depend on the resolution of the financial dispute the club is currently involved in with a former player.
"The club is on course to come out of interim administration before the end of the season, but this will depend on the creditors accepting the proposal sent to them."