I would imagine that at or around 10c it would be in a trading halt whilst things were sorted out. I don't think the board would sit and watch whilst it went to 1c which is the lowest it could trade at.
Looking at the ASX top 300 yesterday in the Fin Review. VBA is still around position 250 or 260 on market cap even though the share price is so low. There are plenty of other listed companies struggling along as well.
The share prices aren't really a good indication of how companies are going at the moment as the demand for shares is off. People would rather hide there money under the bed whilst they wait for the GEC to finish.
Those selling shares are either scared or retiring and are getting out to take whatever cash they can and locking in a loss or those who are cutting back in every area to keep the family home due to margin lending.
Scary and uncertain times for everyone.