The idea is noble but the execution is where it will fall down....

The idea is noble but the execution is where it will fall down. Two points if I may:

1. A law firm will not bankroll this on a no win - no pay basis if there is nothing at the end for them if they win. If you action was successful, what financial rewards flow to the law firm? What can the company return to shareholders that the law firm can take their 40% slice from? Without that, you'd be bankrolling it yourself and I suspect that's a lost cause.

2. Directors are indeed protected, hence the use of the abbreviation "Ltd." in company names - meaning "limited liability". Simple incompetence is not enough for a director to be held personally liable - it would likely require a fraud prosecution in federal court to show that they knowingly and willingly engaged in criminal conduct. Look how hard it is for administrators of Clive Palmer's nickel empire to get their hooks into his personal assets, even though it's obvious that he's been as dodgy as hell. I'd be highly sceptical that any of the directors in this fiasco would be found to be in such a contravention of the Corporations Act and common law that they'd be made personally liable.

This is a sad end to a company that once had so much potential. Ultimately the technology just wasn't there though, regardless of how great the idea was. Like stars, some companies end their days like a supernova while others go down the path of slowly burning out and becoming a dead, cold, dark lump of carbon floating through the lonely void of space. Tragically NXR never burned bright enough to go out in a blaze of glory and so we are left with this lifeless and cold shell of what once was.