Of course he wants to start again. There is good money in aviation for some. Hmmm MJ went 'bust' did he? If that were the case he would be right now looking for a Job at McDonalds or as a traffic controller so he can feed his family now that they 'lost everything'! No, clowns like this always have a nice healthy stash of moolah squirreled away somewhere safely.
Grub.
It's a pretty well-established tenet of capitalist economies that you must be free to start a business without risking your personal financial assets - otherwise, no one would ever bother. This isn't compulsory - lots of sole directorships start like Bill Gates out of their garage with a second mortgage - but aviation requires capital, and lots of it. To attract investors you create a limited-liability entity under the Corporations Act, in which the investors are assured that they're only ever on the hook to the maximum extent of the investment.
Anyone who extends credit - be they a refueller, landlord, ticketing agent, aircraft lessor, anyone - is taking a risk that the company they are lending to will not pay them back. They have an obligation to perform their own due diligence and not cry "waah, poor me" when they've extended more credit than they could afford to a company that pretty obviously could never pay it back.
No one is alleging fraud or illegal conduct in the Air Australia collapse and on the face of it there hasn't been. Unethical perhaps, highly risky for sure, but that's not illegal and you shouldn't go to jail or lose your house for that.