Linc Energy won't be deregistered until criminal charges against the troubled oil and gas company are finalised, Queensland's environment minister says.
Creditors on Monday unanimously voted to place the company into liquidation.
It went into voluntary administration last month after it was committed to stand trial, accused of wilfully and unlawfully causing serious environmental harm at a trial underground coal gasification (UCG) plant at Hopeland, west of Brisbane.
A report by administrator PPB Advisory said the 155 creditors, many of whom met on Monday, were owed $289 million and potential buyers had until June 10 to make final bids.
Environment Minister Steven Miles says the Australian Securities and Investments Commission will be asked to hold off completing the liquidation process.
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"The final stage of that process is deregistration, but it's not uncommon for that deregistration to be delayed if there are outstanding charges," Dr Miles said.
"So in this case, the environment department will write to ASIC and tell them there are outstanding criminal charges against Linc Energy, so they shouldn't proceed with the deregistration."
Dr Miles said the government, which has become an unsecured creditor, was considering two avenues against Linc's executives.
"One is considering whether charges should be laid against executive officers of the company," Dr Miles said.
"Which is a slightly different thing to what the new laws allow, which is also to potentially seek an environmental protection order against those who were in decision-making positions."
The government's new "chain of responsibility" laws are aimed at ensuring taxpayers don't foot the bill for any environmental clean up required when businesses close.
It expects the clean up to cost about $28 million but holds an environmental bond from Linc for only $3.4 million.
