The liquidators in question are former Sydney liquidator Andrew Hugh Jenner Wily and current Sydney liquidator David Anthony Hurst.
The order was declined in relation to the performance of their duties as joint liquidators of 12 companies to which they had been appointed.
The corporate regulator, ASIC, had concerns about the administration of the companies, it said in a statement.
ASIC sought a court inquiry regarding the liquidation of the companies by Mr Wily and Mr Hurst.
At the time of their appointment to the companies, Mr Wily and Mr Hurst were partners of Armstrong Wily, ASIC said. In 2017, Mr Wily did not renew his registration and is no longer a registered liquidator. Mr Hurst remains a registered liquidator.
The court declined ASIC’s application, with costs.