Voidable transactions allow liquidators to reverse pre-liquidation dealings that unfairly reduced creditor assets or improperly benefited certain parties. Under Part 5.7B of the Corporations Act 2001, liquidators can investigate unfair preferences, uncommercial transactions, and creditor-defeating dispositions—potentially years after they occurred—exposing directors, creditors, and related entities to repayment claims, examinations, and regulatory scrutiny.