Ann: AGM and Financial Reporting relief, page-5

My understanding is that ASIC's job is to investigate breaches of the Coporations Act, and not to necessarily "protect SH's interests). If you beleive a breach of the Corporations act has occured - it can be reported to ASIC. More info can be found here - https://asic.gov.au/about-asic/contact-us/how-to-complain/how-asic-deals-with-reports-of-misconduct/
If the company is being liquidated, my understanding is that the liquidator also has a duty to report their findings to ASIC, including also any discoveries of potential breach of Corporations Act.

With regards to whom is looking after SH's interest at this stage? Well, I don't think anyone would be since the company is in receivership. Shareholders, as equity owners of the business owe money to Creditors. Shareholders were represented by the Board of Directors (BOD) when the business was solvent, but that ceased to be the case when the company became insolvent and once Voluntary Administration was declared and subsequently Recievers appointed. The BOD are no longer in control of the business/assets. The Receivers are in control of the business assets, undertakings and operations. The Recievers one job is to return the debts owed to the creditors, they will do this of course with any cash remaining in the business, but this won't be enough to cover the debts so other non-current and non-tangible assets will need to be sold (the majority being property plant and equipment). The balance (if any) is what the shareholders own (Shareholders Equity). This remaining equity (if any) will be passed to the shareholders, and could lead to a business recapitalisation, of course, with that business stripped largely of most it's assets. I would look at Altura, Alita as examples to see what an equity owner can expect from this process.