As a listed company the rules should be changed at the point...

As a listed company the rules should be changed at the point where auditors first note that that a company hasn't the facilities , cash flow to continue business for 12 months and then ASX / ASIC should put them on monthly reporting and force them quarterly if not monthly to lodge full accounts not just cash flow and provisioning for entitlements and costs of exiting leases etc if business doesn't continue staff are retrenched etc. The fear of those numbers being published and also the cost / time ( shouldn't be much with electronic accounting these days and management are getting at will anyway) and trouble would make companies try and avoid such situations and shareholders would be a lot more informed. Would stop a lot of companies listing, spending raised cash and then moving on or dragging it out for years all hidden behind delays in information .

It is a issue also that there is no penalty for anything as asic is weak as even when things are obvious but ASX and ASIC still allows same old same old to happen .