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2 a.)
Section 588G of the Companies Act of 2001 allows corporate directors to stop insolvent trade. Section 95A (1) of the Companies Act 2001 defines' solvency' as the right to settle all obligations as and when they become due and payable. Insolvency is defined as an entity or organization that is not solvent (section 95A (2)). Insolvency is the concept employed to characterize a company's condition when it is unwilling to pay its obligations when they become due and payable.    
b.) After the organization lost its key partner as a result of a political dispute caused by the Australian government, the company has become insolvent. Voluntary Administration is a mechanism in which an insolvent corporation is put in the care of an impartial individual who can determine all possible alternatives to produce the best result for the corporate owner and creditors. Key features of Voluntary administration are it is cheap to start; provides the ability to keep a firm going; provides borrowers with an unbiased analysis of the company and its operations; and provides a forum for negotiating a settlement between a company and its creditors. The main justification for using this mechinisam is to fix the company's financial problems, since it is insolvent.
c.) Process of Voluntary administration:
a.) Appointment: The mechanism through which the directors of a company put the organization into management on the grounds that the corporation is bankrupt or likely to become bankrupt in the future is known as voluntary administration (VA) (s436A Corporations Act 2001). The objective of appointing the administrator is stated in Section 435A of the Corporations Act and is dual in nature:
1. To increase the chances of the organization or business surviving in the future
2. If there is no possibility of the organization or business continuing in the future, to enhance the return for creditors.
b.) First meeting
Once named, managers shall plan and serve on creditors a statement of related relationships and indemnities. The first meeting of creditors must be called within eight days of the administrator's nomination. This gathering will decide if a board of evaluation should be established and whether a new administrator should be chosen. The Insolvency Practice Schedule and the Insolvency Practice Rules detail the mechanics of this meeting (2016).
c.) Investigation and Management
The position of an administrator during administration is described in Section 437A of the Corporations Act. In brief, the administrator has authority over the properties and activities of the organization the choice to keep administering the company's operations, the option to end or divest of the corporation 's resources and the ability to undertake any duties that an officer of the company can perform. During the management time, the administrator is responsible for investigating the corporation 's dealings and considering future courses of action (s438A Corporations Act 2001). During this time, the directors would cooperate with the administrator's inquiries (s438B Corporations Act 2001)
d.) Reports to creditors
The second conference of creditors is to be held within 20 or 25 days of the election of the administrators (based on the period of year). The object of this gathering is for the administrator to deliver their document (section 439A) and for the lenders to vote on the next measures (s439C)
The meeting's result is either, the creditors approve of a Deed of Company Arrangement or the creditors approve of the corporation being returned to directors or the creditors approve of the company being liquidated.
D.)
Course of action:
The business has a variety of commercial properties in Brisbane. ES mines also operated the bulk of their mining machinery and factory, including a high-tech system capable of identifying economically viable mineral deposits. The best course of action for this case seems to be for creditors to vote in favor of the company being returned to directors and, over time, the company can use its capital more successfully and efficiently, increasing the firm's value and creditors' profits.
ANS 1
Ben 40% shares sole director for 2 years
60% shares divided into 5 shareholder who are not director
Liability of the director
The liabilities of a director are difficult to identify. The Director cannot assign power that has been expressly conferred to them and involves the exercising of their own judgement and discretion. However, under general tort rules, directors are legally liable if they deliberately or unlawfully inflict injury to private entities. It should also be remembered that directors who act in good conscience and beyond the limits of their jurisdiction would not be found responsible for the association's tortious actions. And when directors behave in poor faith or beyond their authority would they have a concern. For example, an employee may be dismissed for no reason, but the firing may be in the best intentions of the organization.
Liability can be considered under the following heads:
1. Liability of the company: The directors' responsibility to the corporation exists only under a...