In addition, the company also experienced financial difficulties due to the loss of revenue caused by the termination of contracts from a major retailer and the resignation of key staff, the document added.

As well as Optus and M2, Anderson also owed $135,000 to the Neutral Bay-based Charn Sulochana, almost $60,000 to BMW and Volkswagen collectively, plus $32,298 to Westpac and $74,409 to business financier Classic Funding Group.

According to the application filed by James Anderson, the company had assets of $1.29 million at the time of winding up.

A further report to creditors is expected to be issued in the near future following further investigations by the liquidators.