Failed personal injury firm The Accident Group (TAG) owes more than £100m to its creditors, according to its administrators.
A report by accountants PricewaterhouseCoopers (PwC), appointed as administrators after TAG collapsed in May, also reveals that many creditors have very little chance of getting their money back.
Many of the 2,500 staff who lost their jobs - many by text message - when Manchester-based TAG went under have still not been paid.
The full scale of TAG's financial woes was revealed at a meeting of its creditors in Manchester.
The firm's books show minimal liabilities, but an investigation by PwC unearthed the full scale of the firm's problems.
TAG shut down when its parent company, Amulet Group, went bust.
Amulet said its subsidiary had to cease trading because it could not sustain its "continual battles with the insurance industry" and after the "sudden failure of a banking partner to support the company".
But the administrators blame TAG's "lower than expected claims success rate" for the problems.
The group was the second large UK personal injury group to fail. Claims Direct was the first, but it is now trading again under new owners.
TAG is also facing a fraud investigation launched by bus operator Arriva.
Arriva has hired private detectives to sift through more than 400 claims against it submitted by TAG over a six-month period.