THE Advanced Medical Institute, the failed erectile dysfunction firm infamous for its ''Bonk Longer'' billboards, owed staff and creditors more than $50 million when it collapsed last month, the company's administrator says.

And in a move to appease the competition regulator, unhappy customers will now also be able to obtain refunds more easily after the administrator extended the company's refund policy to 30 days.

Nearly 90 creditors registered claims against AMI at its first meeting of creditors yesterday, and the company's controversial figurehead, Jack Vaisman, is among those claiming they are owed money.

Interests linked to Mr Vaisman and other AMI executives say they are owed about $40 million, far outweighing other creditors.

''That is absolutely outrageous and ludicrous,'' a former AMI manager told the Herald.