If they have any sense then the board of directors of MED will...

If they have any sense then the board of directors of MED will cooperate closely with the liquidator.

Consequences of failing to perform director duties

If you fail to perform your duties as a director, you may:

• be guilty of a criminal offence with a penalty of up to a maximum of $200,000, or imprisonment for up to five years, or both
• have contravened a civil penalty provision (and the court may order you to pay to the Commonwealth up to $200,000)
• be personally liable to compensate the company or others for any loss or damage they suffer
• be prohibited from managing a company.

https://asic.gov.au/for-business/small-business/starting-a-company/small-business-company-directors/company-director-liabilities-when-things-go-wrong/#consequences