Late last year liquidators Hall Chadwick's Ginette Muller and Marcus Watters said in a report lodged with ASIC that a dividend was "unlikely" to be paid to any creditor and urged them to write off any debt owed by the company.
It was in their view the company "may have been insolvent or likely to become insolvent from at least July 2019".
They said Total Lifestyle Builders started to incur regular monthly net losses from as far back as August 2018 but still recorded an overall profit for the year ended June 20, 2019.
However, the company made less profit and larger losses afterwards leading to an overall loss in the period up to June 18, 2020.