*If* it comes to lawyering up - there are people in the same legal jurisdiction as Graet (Australia) with enough at stake and deep enough pockets to take this on.
Graeme Tee described it as a 'personal loan' - and said in effect that failure to pay would only happen as a result of bankruptcy.
Considering Graet is a director of Weexchange - there is a good case to be made that 'payment' via a system he should reasonably know is compromised/insolvent does not represent a valid resolution of those portions of the debt.
It would be sad to see lawyers involved, and I wouldn't wish bankruptcy on him - but when there are individuals owed hundreds of thousands of AUD equivalent value - I expect a failure to ultimately pay out will result in just that.

Of course - the question is whether bankruptcy has already been reached and whether there are any personal assets to even chase. Given that Bitcoin provides a pretty good way to hide assets, and the legal situation around Bitcoin and 'personal loans' via an unregulated exchange system is unclear at best - it would be a risky case.. but I know of at least one Bitcoiner who is tempted to risk 'throwing good money after bad'  - simply to help establish some legal precedence here in Australia regarding this - and send a message that BTC debts will be chased up whether due to negligence, mismanagement or fraud.

If it turns out that that negligence/mismanagement/fraud don't directly apply to Graeme Tee's actions - I still think it's a plausible outcome to have the judgement made against Graeme Tee's assets - leaving his recourse to chase his losses against the other parties involved.