Faced with the prospect of a significant shortfall for investors of Strategic Finance, Trustee Perpetual Trust has appointed liquidators for the failed finance company on the hope of using its wider powers to uncover past deals.Corporate Finance's John Cregten and Andrew McKay have been appointed liquidators for Strategic.  The liquidation process will take place alongside receivership that's been entrusted with PricewaterhouseCoopers' John Fisk and Colin McCloy.Perpetual's Matthew Lancaster said the liquidators could investigate Strategic's transactions, looking for any that could be overturned to get a better recovery for investors, Interest.co.nz reported. They would particularly look at transactions dating about June 2008 until the receivers were appointed, the report said.Strategic's financial statements for the year ended June 2009 show a sharp fall in loans to NZ$325 million from NZ$497 million the year before mainly due to fresh impairment provisions of NZ$146 million. In addition, Strategic Finance wrote off NZ$77 million of bad debts during the year.  It is likely Perpetual may be seeking to investigate such a huge level of bad debt write off.In their report to investors in May, the receivers noted that total assets stood at NZ$240 million compared with liabilities of NZ$451 million thus leaving a net deficit of NZ$211 million. In addition it highlighted the poor state of the loan book which would bring down the total asset level much further at the time of realisation.In June, the receivers announced it had received a good response from interested parties for sale of the loan book and expected to make a decision on final offers in a month. There's been no update on this so far.