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Fully aware of the traditional business definition as u posted however in my post I referenced u also to ASX Listing Rules which is what a listed company also operates under and also has certain requirements and provisions in conjunction with your definition.
Recent updates this year in March fyi.
https://www.claytonutz.com/knowledge/2018/march/asx-and-the-insolvent-trading-safe-harbour-disclosure-requirements-clarified
http://www.mondaq.com/australia/x/686660/Insolvency+Bankruptcy/ASX+updates+guidance+note+on+continuous+disclosure
Ann: Phosphagenics Arbitration Award Issued, page-244
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