Administrators for the insolvent racing syndicate BC3 Thoroughbreds have recovered mailing lists and debt records after searching the Torquay property of its former chairman Bill Vlahos.

Earlier this month, Vlahos was allegedly beaten and a car containing crucial documents relating to a punting club was set on fire at a Grace Park property.

But administrator Michael Hird said they were able to track down some of the 55 to 60 BC3 creditors from material found in a search of the property.

"There were some books, mailing lists and records found at the farm," Hird said.

He said administrators have not yet been able to interview Vlahos.

"Has anybody?" he said.

Creditors include horse auction houses William Inglis & Son, which is owed $5.8 million, and Magic Millions which is owed $1.35 million.

There is also $400,000 owed to unsecured creditors such as the Geelong Thoroughbred Club along with feed suppliers and farriers.

A handful of people turned up for the first creditors' gathering in Geelong called by the administrator, Sydney-based corporate recovery group Moore Stephens, but none wanted to comment as they left the meeting which lasted about 50 minutes.

When asked how the meeting went, one man shook his head and said: "No good".

Moore Stephens spokesman Justin Kirkwood said the issues with BC3 were so complex that the creditors agreed to wait for up to another 12 weeks before meeting again.

He confirmed a committee of creditors was appointed which included an administrator of Noble Edict, a company set up by the punters' club The Edge whose members have lost tens of millions of dollars.

"There is not a lot we can put to creditors at this stage given that the investigation into the financial dealings still has a way to run," Kirkwood said.

On Wednesday, Racing Victoria announced that prize money earned by BC3 will be withheld and passed on to the administrator.

Last week Inglis went to the Vlahos property and removed eight horses that had not been fully paid for amid concerns for their welfare.

Among the horses Inglis has a financial interest in is the two-year-old half-brother to Black Caviar who was sold to BC3 in April for $5 million.

The colt has been in a veterinary clinic since last month and is being treated for the life-threatening hoof disease laminitis.