After more than a year of flirting with torrent sites, including the now infamous attempts to buy The Pirate Bay, the perilous financial position of Hans Pandeya's Global Gaming Factory X has reached a peak. Two creditors, who are together owed more than $220,000, have demanded that the courts immediately put the company into bankruptcy. GGF's overall debts are thought to be at least double that.

Sweden’s Global Gaming Factory X has managed to hit the headlines every few months since the 2009 announcement it would buy The Pirate Bay and turn it into a miracle site. The deal, which promised it would be all things to all men, never came to pass.

Sadly for GGF, none of the headlines in the last year have turned out to be good ones for the company. It has been followed by almost constant controversy.

Now, for the second time in just over a year, GGF faces bankruptcy. In common with last year’s close escape when a former employee requested court action against the company for unpaid debts, history is repeating itself.

A pair of companies, Kennicott AB and Hercora Trading Technology, say they are collectively owed 1.5 million kronor ($220,000). The amounts, 906,200 kronor and 567,600 kronor respectively, were loaned to GGF in August 2008 but the companies are yet to be repaid.

In an application to the district court the companies demand that GGF “is immediately placed in bankruptcy.”

According to a report, owner Hans Pandeya already has liabilities of more than 400,000 kronor ($58,800) registered with the bailiff and today Global Gaming Factory has recorded liabilities of 450,000 kronor ($66,200). The company has filed no financial reports for 2009.

In filings, Pandeya places much of the blame for the current position on the failure to acquire The Pirate Bay last year.

In 2009, GGF was kicked off Swedish stock market Aktietorget following several serious violations which solicited comments that the company had a casual approach to disclosure requirements which misled the market.

But despite all the setbacks and serious lack of finances, Hans Pandeya continues to pursue his dream of owning a torrent site.

In August this year he approached Demonoid with a buyout offer, which was rejected.

Then in September, Winnipeg-based law firm Thompson Dorfman Sweatman LLP put in offers to acquire several of the largest BitTorrent sites on behalf of an unnamed client. All roads pointed back to Pandeya. These offers were also rejected.

TorrentFreak has learned that just two weeks ago Pandeya made an offer to one of the most prominent torrent sites. No prizes for guessing what the response was.