The losses were painful, the creditors said: "We'll cope with it. We've basically traded a year for nothing. We're lucky we're big enough to cope."
Maher appointed PFK as liquidators on April 11, and the first administrators' report was due to be published later today. PKF's Chris McCullagh said while liabilities were still to be confirmed they were substantial and exceeded $10m.
Assets of the company, primarily around $10,000 in cash and a car, were likely worth $40,000, he said.
McCullagh said Maher was co-operating with his administration: "He's here, he's answering people's questions - and he's assisting us. He thought the position would improve and it hasn't. It's deteriorated significantly over time."
Regan Young, listed on Linkedin as the business development manager for Forex Brokers, said he had left the company "six or seven weeks" ago.
Before hanging up on the Herald he said he didn't know where client money had gone. "I don't know. Only Russell knows by the look of it," he said.
A number of creditors said they had complained about the case to authorities.
Contacted for comment, Maher directed queries to his lawyer, Ben Molloy of Haigh Lyon partners.
Molloy said in a statement Maher "regrets that both investors and transactional customers may lose funds due to the liquidation of the company".
The statement said Maher "is aware that complaints may have been made to the [Financial Markets Authority], [Serious Fraud Office] and the Police but is not aware of any specific details of any investigation".
Forex Brokers' website, offline a week prior to liquidation, said the company was started "with the goal of providing a higher standard of service delivery".
A statement on the site from Maher said: "I have over 20 years experience in the foreign currency industry and will combine this experience with an extremely high level of business integrity and customer service ... I would like the opportunity to partner with you to professionally manage your forex needs. Feel free to contact me to discuss your particular requirements."