Former Newcastle Knights physiotherapist Tynan Performance Physio has gone into liquidation with debts totalling more than $450,000.

Newcastle Physiotherapy Clinic Pty Ltd, trading as Tynan Performance Physio, owed about $26,000 in wages and more than $430,000 to unsecured creditors when SV Partners were appointed liquidators on April 4.

As the Knights were celebrating the appointment of Wayne Bennett yesterday, former club physiotherapist Martin Boyd was counting his losses as company director.

Mr Boyd worked for the Knights for about 18 years, and was full-time with the NRL club from 2001 until he quit to return to his private physiotherapy practice in February last year.

"We understand the company operated a physiotherapy clinic in Kotara," the report to creditors said.

"We have been advised the company ceased to trade on the date of our appointment.

"We are aware that a former director/shareholder resigned on or about March 23, 2011, immediately prior to our appointment following a breakdown in relationships."

David Naylor was the director and shareholder in question and left the business in March.

Mr Naylor did not want to comment when contacted yesterday and all he offered was that he had left the business.

Mr Boyd said all correspondence should be conducted through SV Partners' Bolton Street office.

Daniel Hawtin, from SV Partners, said a creditors' meeting was scheduled for Thursday, April 21.

Founding owner Lisa Tynan has not had any inolvement in the business for many years.