Australian insolvency law does not provide measures for directors to reorganize or restructure their company, nor does it recognize the long-term benefits of restructuring. Directors are personally liable and this can reduce their capacity to incur further debt, making them less likely to take risks. The Australian Securities and Investments Commission (ASIC) plays a crucial role in insolvency proceedings, including deregistering companies that fail to pay fees or comply with notices. However, ASIC's powers do not extend to recognizing the interests of minority shareholders during insolvency. To address these issues, it is recommended that directors seek expert advice before making decisions about premature liquidation and that their personal liability be reduced if they act in good faith.