CREDITORS of the defunct Bank of Credit and Commerce Hongkong are to receive a second dividend out of liquidation, it was announced yesterday. Large depositors who had already got back 41 per cent of their savings will receive another four or five per cent at the end of next month. Mr Nicholas Etches, special manager of the BCC in liquidation, said $600 million cash would be needed to pay a dividend of five per cent. ''We have paid out over $2 billion by dividends and collected $1.4 billion by way of loans. We have built up enough surplus now that we think we can declare another dividend,'' Mr Etches said. ''We hope to declare at least one more dividend between May and December this year, but the timing and amount will depend on future collections from loans and properties and the resolution of outstanding claims.'' Mr Mohan Chugani, a member of the inspection committee overseeing the liquidation, said he was satisfied with the second dividend although he had expected a higher percentage. He will ask the special manager at a meeting to set a timetable for future dividends. The first dividend was announced last September. Under the scheme of arrangement, 30,000 small depositors with $100,000 or less got all their money back. The other 5,000 large depositors were offered a dividend of 41 per cent. More than 30,000 dividend cheques have been issued since then. But 9,500 have still not been presented for payment. Mr Etches said creditors would have a final payout of 75 per cent. Subsequent dividends will get smaller but more frequent. When the bank was closed in July 1991 it had unrecorded liabilities of $1.64 billion. This was reduced to $875 million. In addition to loans recovered, the BCC has generated $300 million by selling three-quarters of the 73 properties the bank owns. Mr Etches estimated the rest of the properties would bring another $100 million.