FTI noted the company failed the cash-flow test since it generated no income and it also failed the balance sheet test because it was in a negative net asset position.
Unless Nevhouse receives a standstill from its creditors and has a reasonable prospect to pay these creditors, Nevhouse is insolvent, the draft report said.
Nevhouse Invests largest creditor was Skywalker Invest Pte Ltd, solely controlled by former chief executive Tony Morris.
Nevhouse and Mr Hyman have been under fire following an investigation by the Financial Review.
Intangible assets
Mr Hyman recently told shareholders he has not retained any financial documents from the Singaporean company, and therefore could not reconcile where $8 million of investor funds was spen…
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