4th February 2010

The businessman, once known for his Hedges Avenue mega-mansion and flash cars, owes the funds to a handful of creditors including international internet poker gambling giant, Kolyma Corporation.

Kolyma has put in a claim with Mr Tzvetkoff's bankruptcy trustee Jason Bettles, of Worrells Insolvency, for $45 million.

Mr Tzvetkoff's company BT Projects -- now in liquidation -- is owed $2 million, while Yellow Wattle is owed $4 million, according to Mr Bettles.

Yellow Wattle is another company directed by Mr Tzvetkoff and his business partner Sam Sciacca.

SV Partners was appointed as liquidator to Yellow Wattle earlier this year.

Documents show Yellow Wattle is owed $38.46 million by BT Projects.

According to other documents, Mr Tzvetkoff, who made millions through his internet billing company Intabill Inc, a subsidiary of BT Projects, now works as a consultant.

It is understood Mr Tzvetkoff, who still lives in a luxurious unit on Hedges Avenue, is consulting to a handful of companies.

Last month, Mr Tzvetkoff said that his decision to file for bankruptcy was due to the 'mounting pressures' of legal costs relating to Supreme Court actions.

The 25-year-old is tied up in ongoing legal battles linked to the collapse of BT Projects.

Kolyma Corporation is suing BT Projects, Mr Tzvetkoff and Mr Sciacca for $52 million.

The $45 million claim lodged with Mr Bettles is linked to those legal proceedings.

The collapse of Mr Tzvetkoff's empire has been felt on the Gold Coast and in Brisbane.

Last April, staff at his Brisbane office were let go, while it is understood money is still owed for work on a Hedges Avenue mansion he once owned.

Through his company Asiana Holdings Pty Ltd, Mr Tzvetkoff bought tourism entrepreneur Tony Smith's half-built mega-mansion in 2008 for $27 million. He continued working on it until about June last year.

The company moved into receivership and the property, along with the unfinished house, was sold at a $10 million discount.

Last month, Mr Tzvetkoff said he was 'disappointed' he was unable to meet the legal costs to continue the fight against Kolyma's claims.

"Any outstanding debts owed by BT Projects are to international online gaming entities and have not affected the likes of 'mum and dad' investors," he said in a statement.

Mr Tzvetkoff said he acted with full transparency and had provided extensive documentation and records of his business dealings to the appropriate parties as needed.