The Victorian coroner has found there is not enough evidence to safely conclude former police detective Paul Dale and career criminal Rodney Collins were behind the murders of police informer Terence Hodson and his wife Christine 11 years ago.

Coroner Ian Gray said he was unable to conclude they were responsible for the Hodsons' death to the standard of proof required.

The couple were shot dead at their Kew Home in Melbourne's east, and last year an inquest heard explosive claims that drug boss Tony Mokbel may have financed the killings, on behalf of former police detective Mr Dale.

The court heard Carl Williams also paid a sum. Mr Dale and Collins were once charged over the death of the Hodsons, but the case was dropped after Williams was bashed to death in prison.

In his 55-page finding, the coroner said there was no doubt that Williams was capable of organising the killings and that Mr Collins was capable of carrying them out.

Mr Gray said he had been given a spreadsheet of about 220 names of people who had been investigated by police in relation to the murders.

"There is evidence suggesting that there were other people who may have had a reason or motive to have Mr Hodson killed," he said.

"Other scenarios, yet to be supported by available evidence, may come to light in the future."

Coroner questions credibility of witnesses

Mr Gray also found that Williams was a "notorious underworld figure" who was not known for his truthfulness, even among his associates.

"I do not accept Mr Williams as a witness of truth or any of his accounts as inherently reliable," Mr Gray said.

However, the coroner said he was satisfied that a meeting took place between Williams and Mr Dale less than a fortnight before the Hodsons' murder.

"At least on the face of it, there can have been no legitimate police-related purpose for that meeting," he said.

"Other than the statements of Mr Williams, there is no evidence of what matters were discussed and whether they extended to a contract for the killing of Mr Hodson.

"I am not satisfied that Mr Dale asked Mr Williams to arrange the murder of Terence Hodson."

The coroner also said he had "serious reservations" about the credibility of other criminals who had implicated Mr Dale.

The finding is a bitter blow to law enforcement authorities and the family of the Hodsons, who have held out hope the inquest may have shed light on the alleged killers.

The Hodsons' daughter Nicola Komiazyk broke down as she spoke to media outside the court.

"I think the whole way this whole case has been held is just deplorable," Ms Komiazyk said.

"We can never move forward and there's no justice for us, there's no justice for my parents.

"Every person from all walks of life has the right to feel safe and secure in their own home."

She said a royal commission into the murders would be "the only way to move forward".

Former policeman Paul Dale was once charged over the murders of the Hodsons, along with Rodney Collins, but the charges were dropped after Carl Williams was killed in prison. ( AAP )

"It is my belief that Victorian police and the Victorian Government are avoiding a royal commission at all costs," Ms Komiazyk said.

"And I feel sorry for anybody ever coming into witness protection or to become an informer. I'd advise you: don't do it, because your life's not safe."

Both men have denied any involvement in the murders and were excused from giving evidence at the inquest.

The inquest also heard that the Hodsons' son, Andrew, was once considered a suspect, and he remains under suspicion for giving out sensitive information about the layout of his parents' home and security system.

Mr Gray also investigated the adequacy of police protection given to the Hodsons.

The court heard Terence Hodson had refused multiple offers of police protection, but Andrew Hodson told police his father was scared of Mr Dale, and upgraded security at the family home before he died.

The police "gave him a camera ... and advised him on how to take care of himself", Andrew Hodson's statement to the court read.

There were no signs of forced entry into the Hodson house and the couple's two German shepherd guard dogs were found locked up in the garage.