Aussie e-processing whizkid has A$50 million in debts

Aussie e-processing whizkid has A$50 million in debts

The spectacular fall from grace of a high-living, 25-year-old Aussie e-processing whiz was in the Australian media again this week as it was disclosed that Daniel Tzvetkoff had de clared bankruptcy in January 2010 with personal debts totaling over A$ 50 million.

The young businessman, once known for his Sydney mega-mansion and very expensive luxury cars, owes the funds to a handful of creditors including international Internet gambling giant, Kolyma Corporation, which has submitted its claim to Tzvetkoff's bankruptcy trustee.

Tzvetkoff's BT Projects - now in liquidation -- is owed A$2 million, while a company titled Yellow Wattle is owed A$4 million, although there are reports of documents that show Yellow Wattle is owed A$38.46 million by BT Projects.

Tzvetkoff, who made millions through his internet billing company Intabill Inc, a subsidiary of BT Projects, now works as a consultant, and still resides in the Sydney mansion, bought through his company Asiana Holdings Pty Ltd for $27 million.

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

Last month, Tzvetkoff said that his decision to file for bankruptcy was due to the 'mounting pressures' of legal costs relating to Supreme Court actions linked with the Intabill debacle, in which Kolyma Corporation is suing BT Projects, Tzvetkoff and his alleged partner Mr. Sciacca for A$52 million.

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