A former high-flying vocation training company once chaired by Crown Resorts director and ex-AFL chief executive Andrew Demetriou is being investigated for a possible breach of directors duties regarding $25 million worth of loans advanced to shareholders and a horse racing media business.

Current and former directors of Acquire Learning, which entered administration in May, are being investigated by administrator Cor Cordis. Acquire has debts of about $92 million, including News Corporation being owed $7.2 million, the Australian Tax Office $6.1 million and AFL club Carlton owed about $1.9 million.