Agreed, don't keep doing that. You run the chance of burning up the voice coils in the speakers.
Probably not worth repairing.
The only thing that will do that is DC offset. However since it happens when you use the volume or balance, then there must be something in the volume control circuit that is creating DC. Most direct coupled output stages will amplify DC. The protection should not only shut the amp down but disconnect or short the speakers. It looks as if in that old receiver it just shuts the receiver down eventually, but does not instantly protect the speakers.
This sort of thing is very damaging to speakers. I would think more likely than not you already have some shorted rings on the speaker voice coil.
Before you buy and new receiver, (and don't buy a cheap one, they are junk) check the DC resistance of the drivers in the left and right speakers. If the left DC resistance of the left bass driver is lower than the right, then the speaker needs reconing before you connect a new receiver, or you will blow it.
You will need to remove the drivers to make these measurements.
It is vital you do this before connecting a new receiver to that speaker.