ASIC takes civil action against Antares Energy Limited, page-19

It was, if I recall (because I was there) he only offered it at literally hours before administrators were called in. Damage had been done by then. He should have offered that up before.
The quality of the management and things that had been hidden from shareholders and creditors had started to become exposed by then and we couldn't trust him.
ASIC evidently agree by going after them for breaches of duties etc.