Not affected by this directly since the return potential always seemed like a bit of a long shot (even at listing time their plots were pending renewal with NSW Mine regulators).

Either way though, reporting them to ASIC is probably one of the best moves you can make. Australian company regulators have wide reaching powers ranging from:

• 10+ Year Bans on Company Office Holding
• Seizure of Personal Assets (if found to have been bled out of a company for non-company related purposes) - Paper related to this here: https://law.unimelb.edu.au/files/dmfile/Piercing_the_Corporate_Veil1.pdf
• Jail Time if found to have wilfully misled shareholders or not operated in the companies best interest

There's a summary of what a directors obligations are here:
http://www.asic.gov.au/asic/asic.nsf/byheadline/Your+company+and+the+law?openDocument

Suffice to say, operating as a company director within Australia is a significant responsibility not to be flaunted.

Regards,

Stuart Low
Directory - e-currency Australia Pty Ltd