My understanding of the sequence of current events is this. The...

My understanding of the sequence of current events is this. The liquidator has to make a report to ASIC on GoConnect Australia Pty Ltd (i.e., not GCN itself, though I don't really know what the difference is).

Talking generally, if a liquidator suspects that improper or illegal activity has been going on then this report must draw ASIC's attention to such activity, which might include trading while insolvent.

ASIC then decides what to do, including whether to prosecute or not.

So I don't think we can reasonably expect ASIC to come to grips with this situation now, until a report is received from the liquidator.