3:26pm Marissa Calligeros: (Live from the Baden-Clay hearing) Investigative accountant Kelly Beckett has told the court Mr Baden-Clay owed $1.197 million on April 20, 2012.
He owed $330,000 to family and friends, and $840,000 to third-party creditors.
Yet his assets had a net equity of just $74,000.
"His business was in decline," Ms Beckett said.
"From January 2011, after the floods hit, his revenue severely depleted and he's never recovered.
"He had little ability to raise funds ... as he had very little collateral to offer as security."
Mr Baden-Clay was failing to make payments on his Westpac credit card, she said.
At the end of each month he was $1200 short on interest payments.
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