It depends on the Company structure. If the assets are held with...

It depends on the Company structure. If the assets are held with the Head Co listed entity then the only way to confiscate the shares are to appoint an Administrator and have the Court approve a 444GA application through a Deed of Company Arrangement which proves the shares have no value so it is in the best interest of creditors to confiscate the shares and the shareholders are no worse off as the shares have no value anyway. As the Directors are owed the most money and theirs is secured their credit bid counts as consideration in the DOCA so they will technically be "paying" more than any other party is likely to put up.

If the assets are held by a subsidiary then they don't even need the 444GA application. If they appoint and Administrator to the Head Co and subsidiarity then they only need to sell the subsidiary which they can do as they are directors of the head co which own the subsidiary. In this case shareholders still own the head co it just has no assets and so obviously has negligible value.