A meeting of creditors yesterday voted unanimously to liquidate the company.

More than 100 workers have lost their jobs.

The company's administrator, Stephen Dixon of BDO Kendalls said he would refer certain transactions to the Australian Securities and Investment Commission.

"There were monies that left the company and I don't believe the company received any benefit from those monies," Mr Dixon said.

He said there had been possible breaches of the Corporations Act which he had outlined in his report to creditors.

The actions of three company directors, including one who resigned in March, would also be investigated.

Mr Dixon said he was also aware of an allegation superannuation payments which had appeared on employees' pay slips had not been paid to their super funds.

In October more than 100 workers at the foundry in Creswick Rd were stood down without pay after the company went into voluntary administration.

Negotiations over recent weeks failed to secure a buyer for John Valves, which owed the Australian Taxation Office $500,000, unsecured creditors $1.5 million and more than $1.8 million to NAB.

Between $800,000 and $900,00 is owed to workers, Mr Dixon said.

The announcement meant workers could now apply for unpaid entitlements under the Federal Government's General Employee Entitlements and Redundancy Scheme.

The scheme covers capped unpaid wages, annual and long service leave, payment in lieu of notice and capped redundancy pay. But it does not cover superannuation payments.

Despite the announcement, a buyer for the company and its assets is still being sought, Mr Dixon said.

Australian Workers Union Victorian branch secretary Cesar Melham said the company should not have allowed the debts to mount up.

"At the end of the day, workers, creditors and customers are left out to dry," he said.