Peptidyl-tRNA hydrolase that releases stalled peptides from ribosomes, component of a Cdc48p-complex; involved in protein quality control; exhibits cytosolic and ER-membrane localization; contributes to ER-associated degradation (ERAD) of specific substrates at a step after their ubiquitination; translocates to mitochondria under oxidative stress and forms a complex with Cdc48p and Npl4p that is required for ubiquitin-mediated mitochondria-associated protein degradation (MAD)