Ann: Suspension and Appoinment of Voluntary Administrators, page-180

If there is evidence of any breach of director's duties then shareholders can make the company take legal action against any and all directors, present or past. That is called a 'derivative action'. Any shareholder/s with more than a certain % of shares is legally entitled to take such action on behalf of the company. From memory it is 5%, but that needs checking to be sure. Google derivative action and that will explain the details behind such legal undertakings. It is a statutory law provision with the powers provided by the Corporations Act.

Corporations law legal beagles would make a motza from such action, but likely at the expense of shareholders in the end. So a shareholder/s need to have some damn good proof before even getting legal advice IMHO.

Cheers