The Otago University Students' Association is reportedly owed almost $250,000 by a subsidiary company.

A report from the latest OUSA executive meeting details the debt, owed by Planet Media Dunedin Limited, formerly known as Radio One Limited.

The company was established in 1998 as a subsidiary of the students' association.

It's still listed as a registered company, despite claims it has become insolvent.

Planet Media Dunedin Limited has seven registered directors, including OUSA president Paul Hunt.

They're expected to review the company's debt, and its future, in coming months.