ASIC moves to appoint liquidator, page-59

The Sec 249D option just enables the shareholders to call a meeting. Any motions put forward at the meeting still have to have the majority number of votes to be carried. In other words there has to be more shareholder votes than Gutnick votes to get them removed.

IMO it is going to be how hard or soft the appointed administrators go in conjunction with the ASIC prosecution.

And how hard/soft they go depends on how much they get paid.

If the company has little cash or assets they will wind it up pretty quickly to ensure they get their fees.

If there is plenty of worth in the company assets they will go further to try to save it all and have directors removed etc as the assets (if required to be liquidated) will then cover their extended work.

Given the infrastructure there already, the value of the tenements/mine and the likelihood of recovery of funds from Gutnick's personal assets I'm hoping they go hard.