JBFG is currently in liquidation and in theory the liquidators...

JBFG is currently in liquidation and in theory the liquidators should then chase HML for money owed, then force HML into liquidation and so on and so forth until the entire pirate empire topples like a line of dominoes.

In reality however, the liquidators already know enough about what the pirates have been up to from their investigation of JBFG. The liquidators know that there's no money left in HML and JBL - it's all just smoke and mirrors. The liquidators know that liquidating HML and JBL is the right thing to do but it's not feasible for them to do it because they know that they're not going to get paid for it.

This is why I'm so absolutely furious with the ASIC Commissioner's statement that "Australia has a very effective class action system" for this type of scenario. It's simply not feasible in our case. We really need ASIC to step up and do what they should have done over three years ago.