[itsmeacupoftea]

To be clear, in Australia, this would not be trading whilst insolvent. If the director was not negligent, and they had a legitimate reason to believe they would be able to pay their debt when it fell due, whether via new revenue, new debt or restructure of existing debt, then it wasn't trading whilst insolvent.

The directors had reduced expenses, had been seeking further investment, to increase revenue, and finally to sell the assets of the business, before voluntarily ceasing to trade. They executed their power and duties in good faith, with the care and diligence a reasonable person in their situation would have. It's not a crime to have a business fail.