On $10$ September $2023,$ the board of Orbit Holdings Ltd $($OHL$)$ resolved to pay a dividend on $1$ October in accordance with ss $52$ and $53$ of the Companies Act $1993.$ On $10$ September: Part A The company was owed $$50,000\mathrm{.}00$ for work completed in August. It expected to receive the full amount in late October; OHL had other assets valued at $$10,000\mathrm{.}00.$ Non$-$contingent liabilities totalled $$30,000\mathrm{.}00.$ Of that amount, $$20,000\mathrm{.}00$ was due for payment by the end of October, with the remaining $$10,000\mathrm{.}00$ due for payment in November; OHL's liabilities also included a guarantee of a $$100,000\mathrm{.}00$ bank loan to a subsidiary company, Orbit Investments Ltd $($OIL$),$ due for repayment on $30$ September $2023.$ The board assessed the probability of OIL defaulting at about $10\%,$ and on that basis valued the contingent liability on the guarantee at $$10,000\mathrm{.}00.$ In $2022$ the board of OIL had approved the investment of a large proportion of its available funds into an ostrich farming business. By early $2023,$ however, this investment appeared to be under serious threat due to the outbreak of a virulent ostrich disease in the area around the farm. The board of OHL knew this but did not regard it as having any effect on the valuation of its contingent liability. Was this dividend a $$distribution$?$ Part B Was the dividend validly authorised?