As has been shared by the company's administrator, the value of total debts gathered by Griffin Coal could very well manage to go beyond $1 Billion. Also, he is busy investigating whether or not the company indulged in any trading while it was insolvent, and status of a $141 Million loan that was made to another firm.

Inclusive of the debts are, $44 Million to trade creditors, $63 Million in interest and other similar financial costs and a potential $300 Million tax bill which would be imposed in case capital gains are realized if assets are sold.

Also, the debt figure includes $41 Million to the firm which is currently undertaking the building of Bluewaters 2 power station, a $173 Million tax bill which was earlier negotiated with the Australian Tax Office and a total of $538 Million which is outstanding to bondholders.

On January 3, Griffin, along with 4 other related firms, went into administration, with about $700 Million in debt, and after missing out on payments worth $25 Million to bondholders and the ATO.

But KordaMentha Administrator Brian McMaster has stressed that the debts still need to be proved. "I must caution strongly - all of these claims are subject to investigation", he said.