Lime Door Brands, the Australian company that manages Shane Warne's underwear brand has entered into voluntary liquidation.

The company which is also behind the lingerie and dress line by burlesque star Dita Von Teese held a creditors' meeting yesterday but hasn't released a statement about the future of the company.

Chief Executive Michele Hamdorf, a retail veteran of Target, Myer and David Jones said the voluntary liquidation was not a reflection on the company's performance but was a result of a disagreement between Hamdorf and three unnamed seed partners over growth and international expansion plans.

"I put Lime Door Brands into voluntary liquidation after an unresolved stalemate with my three key capital partners," she explained. "I've been trying to buy Lime Door Brands out - the full equity of it - for the last six months, and we basically reached a position where we couldn't agree to agree and given I want to move forward with full ownership of the company I made the decision to put it into liquidation."

Hamdorf is the founder and CEO of Lime Door Brands and has the biggest share in the company but the not the majority.

"I have so much business to get on with and I needed to break the nexus," she said. Hamdorf also said that she had already spoken to the Warne about the issue.

"Shane's well aware of it - it's nothing to do with him or the Spinners brand," she said. "The brands are trading well."

Warne's underwear, socks and menswear line, Spinners is sold in major retail stores around the country like Target, Big W and Lowes. There are negotiations about opening a Spinners' store in the UK.

The brand won an award in Victoria from the Australian Marketing Institute just as news broke about the voluntary liquidation of Lime Door Brands.

"Congratulations to everyone at Spinners on a great job. Spinners are winners check this out - big things ahead too!!!" Warne wrote on Twitter last week after the announcement.