Womenswear retailer Meredith & Moore owed a total of $11.6 million at the time of appointing administrators on April, 2016.
The figure has been revealed in a report by administrator PPB Advisory, with minutes from the second meeting of creditors revealing Prosperine Capital Partners as the largest secured creditor at $7.4 million.
The documents, obtained by Ragtrader, also revealed creditors voted for the company to be wound up.
However, legal proceedings could follow with preliminary investigations into the company identifying potential offences and liquidation recoveries including voidable transactions totalling $64,000.
The collapse was attributed to several factors including a failed sale of business and a lack of funding for a turnaround strategy aimed at a younger market.
Revenue had been in steady decline since 2013, with a net loss of $2.8 million for the year to 28 February, 2016.