U Cla Document1 - Microsoft Word Home Insert Page Layout References Mailings Review View % Cut La Copy Paste Format Painter Clipboard | A A AABBCC AaBbcc AaBb C AaBbcc AaBb Ccl AaBbCcD AABBCC AaBbCcD U abe X X Aa ab A E Book Title Emphasis Heading 1 Heading 2 Intense E... Intense Q... Intense R... List Para Font Paragraph Styles 3.1.2.1.1.1.1. 11:21:31:41.5 1.6 1.7.1.8.1910 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | SO Vigo Change Styles Find - ac Replace hs Select Editing L Question 3 (10 marks) Timboola Pty Ltd is a forestry and sawmilling company operating on the Victoria-South Australia border. The company has two directors, Tom and Viv. The directors are concerned about the financial health of the company as timber exports have slowed due to border restrictions and shipping delays. The company's accountant is gravely ill and on a ventilator in a Melbourne hospital. The financial records of the company are in a mess due to the absence of the accountant and trade creditors are not being paid. The company is paying wages but has not remitted quarterly superannuation payments for the past two quarters. Tom and Viv concerned for their own position and so they withdraw money set aside by the company in a separate bank account to pay out a loan to Smart Bank. Tom and Viv had provided personal guarantees to the Bank for this loan. The funds had been earmarked by the company to purchase more land for forestry operations and improve the profitability of the company Required: Advise Tom and Viv of their obligations as directors in relation to these facts and what actions they should take to avoid non-compliance with the Corporations Act 2001 (Cth). Click or tap here to enter text. Page: 5 of 6 Words: 7/998 English (Australia) EEE 12070 + Type here to search O SI LA - * 21C 8:10 PM 18/11/2021 U Cla Document1 - Microsoft Word Home Insert Page Layout References Mailings Review View % Cut La Copy Paste Format Painter Clipboard | A A AABBCC AaBbcc AaBb C AaBbcc AaBb Ccl AaBbCcD AABBCC AaBbCcD U abe X X Aa ab A E Book Title Emphasis Heading 1 Heading 2 Intense E... Intense Q... Intense R... List Para Font Paragraph Styles 3.1.2.1.1.1.1. 11:21:31:41.5 1.6 1.7.1.8.1910 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | SO Vigo Change Styles Find - ac Replace hs Select Editing L Question 3 (10 marks) Timboola Pty Ltd is a forestry and sawmilling company operating on the Victoria-South Australia border. The company has two directors, Tom and Viv. The directors are concerned about the financial health of the company as timber exports have slowed due to border restrictions and shipping delays. The company's accountant is gravely ill and on a ventilator in a Melbourne hospital. The financial records of the company are in a mess due to the absence of the accountant and trade creditors are not being paid. The company is paying wages but has not remitted quarterly superannuation payments for the past two quarters. Tom and Viv concerned for their own position and so they withdraw money set aside by the company in a separate bank account to pay out a loan to Smart Bank. Tom and Viv had provided personal guarantees to the Bank for this loan. The funds had been earmarked by the company to purchase more land for forestry operations and improve the profitability of the company Required: Advise Tom and Viv of their obligations as directors in relation to these facts and what actions they should take to avoid non-compliance with the Corporations Act 2001 (Cth). Click or tap here to enter text. Page: 5 of 6 Words: 7/998 English (Australia) EEE 12070 + Type here to search O SI LA - * 21C 8:10 PM 18/11/2021