The "Club" is an incorporated body, it should be investigated by ASIC there is enough "missing" money to warrant a full investigation, mismanagement on this scale is generally considered a criminal matter.
The term fraud comes easily to mind. Eother fraudulent management practices, or fraudulent uttereances by successive board members.
All in all it is a disgrace that the members assets are now worthless and the "club" has to use prescriptive tactics to just survive the next 30 days, the creditors must be circling !!!! Who will pay the fuel bill, let alone cover the overdraft and meet the covenants on the mortgages.
What a mess !!!!!