I haven't fully digested the accounts yet but negative net...

I haven't fully digested the accounts yet but negative net assets means it's in deep sheeeet. How good the receivables are will be important but I am surprised that it is still trading because of negative net assets. The test is if all assets were liquidated could all the bills be paid. That's the true rest of solvency.
If it is deemed to be insolvent and that is for ASIC to test then all the directors will be guilty of trading whilst insolvent and do a stretch. I think it's time the directors pumped some money into it. Sell themselves some options just to get cash in.