AUSSIE E-PROCESSING WHIZKID HAS A$ 50 MILLION IN
5 February 2010
And A$ 45 million of it is owed to online
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 (see previous InfoPowa reports)
had declared bankruptcy in January 2010 with personal
debts totaling over A$ 50 million.
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.
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
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
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