Ann: Notice of Appointment of Replacement Administrators-AZZ.AX, page-17

If I was JC I would also restructure my wealth into trusts/companies etc so as to lose too-much personally. So the insurance is the most likely option, but if ASIC get involved and sue then I would imagine they would have first dibs at any amount in any case.
According to my administrator friend it is not compulsory to have directors insurance... however it would be stupid not to. I wonder if it is a breach of directors responsibility (if not duty) not to have such insurance also.