A Sydney-based startup that received over $65 million from investors has been placed into liquidation with just $50,000 left in the bank, with a Federal Court judge haranguing the company for having an app that “does not work”.

The startup, Bux Global, was launched in 2016 and spruiked itself as a mobile app which allowed users to easily transfer money internationally via their Bux accounts. According to evidence provided to the Court, the startup had raised upwards of $65 million from investors throughout its tenure.

The West Australian reports shareholders in the company include Aussie sports stars Danny Green and Greg Matthews, and other reports also name former editor of The Australian Chris Mitchell and current AMP chairman David Murray as former members of the startup’s advisory board, who both quit earlier this year.

According to Federal Court Judge Craig Colvin, the 450-plus shareholders in Bux Global were issued “repeated unfulfilled promises” an ASX listing would be pursued for the company. Instead, millions of dollars of investor money was allegedly used for “the private purposes of persons associated with Bux Global”.

This included a total $1.2 million that was allegedly transferred to the bank…