Insolvency laws are there to address the needs of creditors, who...

Insolvency laws are there to address the needs of creditors, who have lost money for work actually performed and to give companies the best chance to restructure and continue for the benefit of employees. They do not exist to assist shareholders who have invested funds that are known to be at risk. ASIC exists to investigate corporate wrongdoing so if you have an issue with anything it is with them.

Unfortunately companies that skirt the rules or potentially break them are very numerous so in order for ASIC to investigate in the manner you seem to expect, they would require significantly more funding.