Ann: Potential Asset Sale and Wind-up - 4C Quarterly (Q3 2023), page-7

WTF is going on here ???

Exactly what assets are they attempting to sell ??
According to the Half Year Accounts assets were written down to their net realisable value = $1.8mil in inventory. Patents were written down to zero.
The rest is cash.

Should they even be trying to sell off the assets of the company before an administrator has been appointed ???

In the Half Year Accounts (June 2023) presented on 4th Sept, the Directors stated :
"the directors intend to put a resolution to shareholders for voluntary (solvent) winding-up of the Company"
Now they are saying the Directors have resolved to proceed with an assets sale, de-listing and winding up.

According to ASIC these are the steps to winding up a solvent company -

Winding up a company may be an option if it doesn't meet the requirements for voluntary deregistration (a company with assets worth $1,000 or more cannot be deregistered on request).

Winding up is a process where a company's outstanding matters are finalised, its assets liquidated, and it ceases to exist as a company.

Step 1 – Company directors must make a declaration of solvency

To begin winding up a solvent company, a majority of the directors must make a Declaration of solvency (Form 520). This means they believe the company will be able to pay all its existing debts in full within 12 months of the commencement of the winding up.

Form 520 must be made and lodged with ASIC. This must be done before the date on which the notice of meeting (see Step 2 below) is sent to members to consider the resolution to wind up the company.

It is an offence under the Corporations Act 2001 to make a false declaration of solvency. Penalties can apply. If you believe that a company is insolvent, see Winding up an insolvent company.

Step 2 – Company members must pass a special resolution

After the solvency declaration has been lodged, the company members must pass a special resolution to wind up the company.

All members must have at least 21 days notice (in writing) of the meeting to vote on the special resolution, although this can be reduced by agreement. At the meeting, at least 75% of company members must be in favour of the resolution for it to pass. The company must also appoint a liquidator or liquidators, and the winding up begins from the date the special resolution is passed.

The company must lodge Form 205 Notification of resolution setting out the text of the resolution that was passed and the liquidator must lodge Form 505 Notification of appointment or cessation of an external administrator to advise of their appointment.

Step 3 – Notice of the special resolution must be published on the Published notices website

Notice of the resolution to wind up the company must be published on ASIC's Published notices website by the end of the next business day after the liquidator is appointed.

Step 4 – Liquidator winds up company's affairs

The liquidator can then begin winding up the company. They must lodge with ASIC a detailed list of receipts and payments for the administration (Form 5602 Annual Administration Return) annually on the anniversary of their appointment.

Court involvement

A member or creditor can ask the court to review any part of the winding up. This includes appointment of a liquidator, a liquidator's payment, or other issues that arise.