ASIC and ASX don't get involved when a business fails unless rules are breached. Businesses fail because of a poor business plan, poor execution, technical shortcomings, market opportunities not seen, threats not recognised... all sorts of reasons. And investors lose some or all of their money every time. I've been through this process a number of times in the past, which I guess indicates the quality of my due diligence...
ASIC will get involved if the directors were trading while insolvent, or skimmed assets, or made preferential deals with selected creditors or shareholders, or any other breaches of corporate law, rules, or regulations. They don't get involved just because a business goes bust.
ASX will get involved if the company breached listing rules by failing to disclose, or making misleading disclosures.
KordaMentha as receivers act for the creditors. If by some miracle they manage to make a deal that repays the creditors in full, they won't chase a single extra cent for the shareholders. So there will only be money for shareholders if somebody volunteers more than enough money to pay off the debts. The probability of that would be roughly zero, but until a deal is finalised KM won't rule it out. If the company is recapitalised the new owner will acquire the assets, rights, licences and operation from the SO4 holding company, leaving we holders owning a worthless empty shell.
