The trustee of Strategic Finance, has put the failed finance company into liquidation in a bid to recover more money for investors.
Strategic Finance was put into receivership in March, owing more than $392 million to about 11,000 investors.
The receivers are currently selling the company's property loan book, which was valued at about $229 million earlier this year.
Perpetual's head of corporate trust, Matthew Lancaster, says the appointment of liquidators, boosts the chances that investors may get more money back.
He says liquidators have wider powers than receivers to investigate transactions and they will be investigating transactions further to see whether some of them can be overturned.