The meteoric rise and fall of high-living Australian financial entrepreneur Daniel Tzvetkoff is being recorded this week in the Australian media as news breaks that his BT Projects (Pty) Ltd firm has been placed into liquidation owing a stunning A$80 million in debts.
Twenty-five-year-old Tzvetkoff, who at his peak was worth about tens of millions of dollars, watched helplessly as his company was placed in voluntary liquidation with KordaMentha's John Park.
The move means Tzvetkoff's corporate empire in Brisbane has collapsed. His Intabill company, a subsidiary of BT Projects, has sacked its workforce, the head office has gone and Tzvetkoff's range of exotic cars have been sold. The young entrepreneur's luxury Gold Coast home, bought for $29 million, is reported to be on the market, too.
Australian reports indicate that in April, Intabill laid off 96 employees with Tzvetkoff blaming market conditions and increased loan funding costs. Now all staff have gone. All staff entitlements, including superannuation, are believed to have been paid.
Tzvetkoff's downfall came about as a result of large debts to US online poker houses, the Courier-Mail newspaper reports. Four major international online poker houses – Full Tilt Poker (Kolyma), Poker Stars, Absolute Poker and Golden Poker – are thought to be owed about A$80 million.