There are hopes the sale of Gwynedd firm Gaia Technologies will be secured by the end of the month as a report revealing its debts is released.
The technology company was set up in Bangor more than 25 years ago and had expanded over the years - with 150 staff working for them.
But administrators came in in August due to cash flows issues at the business which provides ICT technology, products and services to schools and colleges.
The business has continued to trade - although 11 staff have been made redundant.
Now administrators FRP Advisory LLP have released a report outlining what went wrong and their proposals to resolve the administration.
It also reveals there have been six offers for the business and assets with the aim to agree a sale by the end of October.
The report shows that there are debts of £5.7m to unsecured creditors - with more than 200 companies and other organisations owed money. This includes Gwynedd council - who are due nearly £28,000 and Denbighshire council, who are owed over £100K.
Scores of unsecured creditors are expected to be left out of pocket.
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There is a £451,000 mortgage with Bank of Scotland and £1.23m owed to Lloyds TSB. As secured creditors they are first in line to receive money from the sale of the business.
Staff are also owed £110,830 for pay arrears (in reference to staff who have left) - accrued holiday and outstanding pension contributions. It is unknown if there will be sufficient asset realisations to enable a distribution to workers.
The report also outlines what went wrong with the business which had seen turnover grow from £16m a year in 2015 to £19m in 2018.
It said that many contracts that were secured were "working capital intensive" with significant outlay to deliver.
This saw them build up debt and while growth appeared strong in 2019 the company's profitability was insufficient to service its debt obligations.
Close Leasing - with which Gaia had built up £1m in arrears - introduced management to FRP with a view of completing a review of the firm's financial position. However "insufficient information" was made available to complete the review according to FRP.
Tax chiefs at HMRC also issued a winding up order over £866K in unpaid taxes.
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Close then made an application to the High Court for administrators to be appointed, and this was granted on August 16.
It is now hoped a sale can be completed to secure the remaining jobs at the business.