In an update, the fund’s authorised corporate director, Link Fund Solutions, said the wind up may not be concluded until 2023.

It said the delays in liquidating the remaining assets were due to it seeking “the best outcome for investors” and the nature of the fund’s remaining assets.

So far Link Fund Solutions has paid out £2.54bn to investors from the sale of the fund's assets.

It has been 15 months since the last distribution was made to investors and three years since the fund was suspended.

The value of the fund’s remaining assets at the end of February was estimated at £140.93m.

The fund holds shareholdings in Atom Bank, Benevolent AI, Drayson, Mafic, Nexeon, Origin, RM2, Rutherford Healthcare and Sabina Estates.

Ryan Hughes, head of investment research at AJ Bell, said: “While Link will be trying to ensure they get the best possible price for the assets, it’s also important to balance the length of time investors are having to wait.

“I suspect many would now simply accept a lower price to get the sale completed so they can draw a line under this sorry saga and move on, not least as we are now close to 3 years since the fund suspended.”

Over 8 in 10 (86%) investors hit by the suspension of the Woodford Equity Income fund in June 2019 suffered a 'negative impact' to their finances, according to research from the Association of Investment Companies in October. 

The AIC also found that three-quarters of advisers have changed their investment processes as a result of the collapse of Woodford Investment Management.