Brindabella Airlines was tens of millions of dollars in debt when it went into receivership, owing more than $10 million to the Commonwealth Bank alone.
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On top of this, the administrator has said the company may have traded while insolvent, a civil offence.
New figures issued by administrator Rodgers Reidy show the airline owed creditors $37,697,050. The largest creditor is the Commonwealth Bank, which is owed $10,292,822. The regional carrier went into receivership in December last year, leaving thousands of customers stranded. The airline's staff were made redundant just two days before Christmas.
The new figures reveal Brindabella Airlines owes its employees almost $3 million in entitlements, an amount the receiver said it would be unable to recover.
KordaMentha receiver Sebastian Hams said that the business had done everything in its power to help the employees get the entitlements they could.
''We're going through a process whereby we're selling the remaining assets … which is a process we're in the middle of,'' he said. Mr Hams said the remaining four J41 aircraft were yet to be sold but he expected they would go in the next month.
He reiterated that there would not be enough assets to recoup all of the employees' lost entitlements. ''I guarantee that won't happen,'' Mr Hams said.
Three regional councils have also claimed the failed airline owes them at least $100,000 each.
The administrator also determined Brindabella Airlines possibly traded while it was insolvent, which carries serious penalties.
