A Launceston restaurateur has had his company wound up to pay a "significant" tax debt of about $689,000.
In the Federal Court in Hobart on Thursday, Registrar Susie Stone ordered that Salisbury Hallam Pty Ltd be wound up in insolvency under the Corporations Act 2001.
Ms Stone also ordered that liquidator Steven Hernyk be appointed as liquidator for the company.
She said she had reviewed the material and it confirmed that the company did not have assets or savings.
Hallam's Waterfront Seafood Restaurant is on the market for the first time in 32 years with offers due to close on October 23.
Mr Hallam's lawyer Mark Doyle sought a further adjournment in Thursday's court proceedings.
He said it was hoped an offer for the restaurant property would be made in the early $1 million to mid $1 million range.
Mr Doyle said there was a mortgage of $647,000 on the property and once the sale was settled the full debt to the tax office would be paid.
However, the adjournment was opposed by David Wilson, counsel for the deputy Commissioner of Taxation.
"This has been ongoing for five months, the company is clearly insolvent and there is no point in further delays," Mr Wilson said.
He said there was no certainty that the proceeds from the sale of the restaurant would cover all the debt.
Ms Stone said there was no obligation that the money from the restaurant sale would have to be used to pay the tax debt.
"As Mr Wilson said it may well not be enough to pay this significant debt," she said.
The restaurant is near the waterfront between Kings and Royal parks and has been highly rated on dining and travel websites.