HML (ASX) JBL Suspension from NSX and Queries from NSX

Well it seems fairly clear from what I can see, that the whole thing is mostly a web of related party debt with a small amount of real businesses and small true revenue relative the the groups supposed worth and costs etc.and none of those businesses performed as management asserted they would.

Not that ASIC/NSX would read this but I'll just make a few points to help spell it out for them - because why not? Also, because who knows, maybe someone's still considering the 'offer' if you can call it that.
If the combined group is a going concern the why did they feel compelled to borrow money by any means necessary from HML & BHD then just keep deferring it and never make any scheduled repayments that I know of at least?
There is over 40m goodwill of 'assets' (the goodwill the auditors were calling out and had to bring in experts just to assess their convoluted models that explained how it apparently isn't worthless...)
Why have they fired so many employees?
Why have they (& HML BHD) had so many directors leave around key announcements they supposedly supported?
Why do all their (incl hml & bhd) financial reports look like a train wreck?
Why did they have so many technical difficulties and delays when the NSX made them buy back JBL shares on market? Don't they do brokerage and trading for a living?
The initial takeover offers happened as soon as JBL came out of talks with the NSX requiring them to buy back JBL shares on market like they were supposed to in the first place.
After being suspended on the NSX for not getting their their audited financial report out on time last year, but once they did, they immediately started looking to issue more shares or secure external funding...
Why remove all their auditors (from HML & BHD too) did they not like what they had to say?
They then borrowed money from the CEO
They then found a small business lender (partners for growth loan facility to JBFG) who would give them a 7m loan facility at attractive enough terms (they urgently sought out and agreed to this loan facility in a very abrupt manner).
That Loan facility is currently fully drawn out and the full 7m has been lent to JBL the bulk of which was to pay back the loan to BHD when the TOV ordered them to pay it back...
They appear to need the HML takeover to happen to clear the debt and get what assets are there, if they didn't, why so desperate to the point of calling people up to push them to accept such a laughable deal?

Could ASIC or the NSX reasonably conclude something other than that JBL has been pushing paper around between entities as situations arise and keeping debts on the balance sheets of whatever it controls? It seems JBL could let other business fall or sell assets somehow without JBL necessarily being the one left holding the bag. I'm just not sure how much good that would do JBL or what other measures they'll consider to avoid that.

Guess we'll find out.