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Hannah and Guy are the only directors and members of The Big Fish Excursions Pty Ltd (Big Fish). Big Fish owned two fishing boats and other associated equipment. The fishing boats were acquired as a result of a loan made to the company by Hannah's father. Hannah's father intended the money to be Hannah's wedding gift once it was clear that Hannah would marry Guy. However, their excursion business has not prospered because Hannah and Guy disagree over management issues all the time. Hannah was worried about her father's money, so she arranged for the company seal to be affixed to a loan agreement granting a security interest to her father over one of the fishing boats. Her father then perfected his security interest over the boat in full compliance with the Personal Property Securities Act 2009 (Cth). On the 25th of November 2019, one month after the secured loan document was executed and registered, the company was ordered to be wound up by the court on the grounds of insolvency arising from an unsatisfied statutory demand by a major creditor of fishing equipment.
Problem 1: Advise the liquidator about the circumstances, nature, timeframe and defences, if any, regarding --
a. the transactions with --i. Hannah's father,ii. Hannah's cousin, andiii. the fishing rods supplier;b. Guy and Hannah's bonus,c. the presumptions of insolvency that may have caused the court to order Big Fish winding up; andd. the possible Hannah's and Guy's liability for insolvent trading.
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