Problem based question please use IRAC to write your answer. You MUST use Corporations Act 2001 and common law where appropriate. Facts- Webster is a director of Paps Ltd. PapsLtd sells toy dolls called "Cute Kids". The dolls are not selling well and the company is running low on working capital. To remedy the situation, Webster obtains an unsecured loan in the amount of $1 million. Webster thinks that the company will be able to pay the loan back because it is nearing the end of the year and his projections suggest he will sell lots of dolls around Christmas. Unfortunately, things don't go as expected and Webster doesn't sell as many dolls as anticipated. It is now January - a slow period for selling dolls. Webster is aware of section 588G of the Corporations Act and doesn't want to violate it. Accordingly, he hires Shoddy & Dodgy accountants too prepare a solvency report. The report shows that Paps Ltd has net assets and, based on projections, can pay its debts when the fall due. Based on the report, Webster has the company enter into a contract to purchase $10 million of material for the manufacture of the dolls: (a) It turns out that Shoddy & Dodgy's report was incorrect and Paps Ltd is placed into liquidation. Does Webster have any liability under s588G? (b) What about if Webster was ill when the contract was entered into and it was his fellow directors that decided to move forward with the contract? (c) What about if Webster didn't get the Shoddy & Dodgy report but thought that the company was performing well