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Evaluate whether control exists and if so by which party

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Satellite Ltd is a company that is hurt by COVID-19 crisis and experiencing major trading difficulties. Of late the company has defaulted on its loan with its bank. Consequently, the bank has used the powers in the loan agreement to monitor the company's activities closely in order to obtain repayment of its debt. The company must now obtain the bank's authorisation for any expenditure over $10000 and no changes in operations of the company are permitted without the bank's approval.

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Question 1: Evaluate whether control exists and if so by which party.

Reference no: EM132555173

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