why did all of this happen?, page-20

You'd like to think so in an ideal world.

But this will end up along the lines of "nobody told us...", "it was reasonable for us to assume...", "we thought that...". Unfortunately incompetence IS a defence against the Corporations Act. If it can't be shown there was intent to defraud there's no offence. Which brings me back to joke that hypothetically you can be the dumbest tool that ever walked the planet and still be MD of a company.

Shareholders have no hope of compensation, the directors will go nowhere, ASIC will decide its all too hard, and all will be fine at ASX House.