The distressed music streaming service and its subsidiaries owe $14 million to creditors, including staff, the Australian Taxation Office and musicians.

Two of Guvera's subsidiaries, Guv Services and Guvera Australia, entered voluntary administration last month.

Guvera said wages for its 60 sacked Australian staff were paid until the end of June but that staff would not receive redundancy and superannuation entitlements until September.

The entitlements would be paid under a deed of company arrangement, currently proposed by the company.

Creditors will vote on Monday as to whether the company will be liquidated or continue under the proposed arrangement.

If the company is placed into liquidation, any outstanding employee entitlements, except super, would be claimable through the federal government's fair entitlement guarantee (FEG) scheme.

The company is still trying to raise money from its shareholders. It has so far raised $4.7 million since releasing its first private placement in June. It was seeking $20 million.

Guvera was blocked from listing on the stock market by the Australian Securities Exchange on June 17.

It followed a highly contentious IPO plan in which the Australian Shareholders' Association warned investors off the float.

The company was hoping to be valued at $1.3 billion, making it the biggest local player in the US dominated music streaming business.

This was despite it having made just $1.2 million in revenue in the 2015 financial year and amassing $81 million in losses.

A second private placement issued on Tuesday said the company needed to immediately secure "$10 million-plus" to survive.

It also said it needed to lift the number of brands sponsoring the site to 280 per month to break even. It currently has just 20 brands per month.

The placement revealed Darren Herft remained an executive director of the company after stepping down as chief executive earlier this week.



It said the company was now focusing on growing the business in emerging markets, in particular, Indonesia, India and UAE.

"Guvera must create a niche in the emerging markets with its patents, licenses and business model built for these regions," it said.

Under the proposed deed of company agreement, unsecured creditors would get just 6.8 cents back for every dollar they were owed.

A spokesperson for administrators, Deloitte, confirmed that while superannuation was not covered by the FEG scheme, liquidators could still look to pay as much super as possible from the realisation of any company assets.