Guvera shuts Australia site as raising falls short Music streaming Georgia Wilkins Guvera and its subsidiaries owe creditors $14 million.
Guvera has shut down its Australian music site after it raised just $4.7 million of the $20 million it needs to survive and repay creditors. 
The distressed music streaming service and its subsidiaries owe $14million 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 they would not receive redundancy and superannuation 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 sharemarket 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 "$10million-plus" to survive.
A spokesperson for administrator Deloitte confirmed that although superannuation was not covered by the FEG scheme, liquidators could still look to pay as much superannuation as possible from the realisation of any company assets.