That's why it is important for buyer to seek for strata title, or quickly done it once it is available.

Without strata title, it is messy for the future.

It is sad to say, many still do not bother or know the importance of the strata title.

Current legislation is not good to protect buyer.

Strata title is only possible when developer sub-divide its land and submitted to land office for buyer to apply for strata title.

If developer closed shop without sub-divided its origin land title, then buyer is stuck in no man's land.

Liquidator suppose to liquidate once the company closed shop, but sometimes it may take for years or look like never ending saga, missing documentation, wrong procedures, delay whatever.
Worst sometimes, the land is already mortgaged to bank, or being caveat for whatever reason, dispute etc. then the procedures would even more messy.

That's why no one can promise when it can be done in this kind of situation.
It may not as simple appoint liquidator then already can solve, as you don't know what is the situation of the bankrupt developer.

That's why it is important to have strata title, I would never buy a property that without a title, it is messy.
That's why developer reputation, financial strength is also an important criteria when purchasing a property.

Group up owners, appoint experienced or good lawyer, liquidator to do the job.

Apart from that, I do not think there is much can be done from buyer side.