Thankfully, RGI hasn't borrowed; they have only issued equity....

Thankfully, RGI hasn't borrowed; they have only issued equity.

As at 31 December 2021  
Assets
Current assets
Cash and cash equivalents 1,629,882
Trade and other receivables   20,358
Inventories   863,271
Other current assets 279,802
Total current assets 2,793,313

Non-current assets
Property, plant and equipment  58,162
Right-of-use assets   110,810
Intangibles   398, 320
Total non-current assets    567,292
Total assets 3,360,605    (written down from 30 June 21:  $11,596,284 )

Liabilities
Current liabilities
Trade and other payables 158,228
Lease liabilities 114,749
Employee benefits    23,930
Other current liabilities 751,123
Total current liabilities 1,048,030

Non-current liabilities
Lease liabilities   7,994
Total non-current liabilities 7,994
Total liabilities    1,056,024

Net assets $2,304,581


Since then, cash burn has been  $1,051,000 to 31 March  -and counting. So net assets are down by at least that amount.

If RGI ceased trading now, realisable assets less debts would equal somewhere approaching Zero. The costs of an Administrator and the subsequent procedures would drive that figure into negative territory. Sale of the Shell Company would probably cover ASX and ASIC fees and not much more.
I would have thought that a nice clean execution - Administrator → Receiver → Liquidator  → Deregistration -  would be the quickest and least painful outcome.
Either way, holders will get nothing back except a declaration from the Administrator or Liquidator confirming that the shares (or options) are worthless and you can declare the loss.

As I have written elsewhere in relation to another Company, those in a hurry to get rid of their shares may be able to sell them through deListed when RGI is officially delisted. At present, it is in limbo and is probably not able to be traded either on or off market.