Former tech darling, Big Un, hit its peak on the ASX in November last year with a valuation of $840 million but, according to a report from the company's administrators, it had been insolvent for months.
The report to Big Un's creditors this week revealed that key solvency ratios - sourced from the company's internal accounts - went negative last year.
Brandon Evertz and his father Richard Evertz are the co-founders of Big Un Limited. "Given the above indicators, it appears the company and its controlled entities would have been insolvent from at least 1 July 2017," the report from the administrators led by Deloittes' Neil Cussen said.
The company's directors, including one of Big Un's founders Brandon Evertz, would be personally liable for any debts incurred by the company if it traded while insolvent.
His father, Big Un's former chief executive and co-founder Richard Evertz, was not a director of the company. Richard Evertz has made a claim as an employee for $1.33 million worth of terminationpayments.
