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Legal problem question Eric, Mary and Mei Ling are the only shareholders and directors of Acre Pty Ltd, a trading company that supplies food products to cafes around Brisbane. In recent times, Acme's cash flows have been pressured because several large customers including CafeNow (a large franchisod coffee shop with hundreds of outlets) bave been late in paying their invoices. This has meant that on several occasions Acrne has not had sufficient funds to pay its bills, particularly rent. The owner of its warehouse (Leaseco Ltd) has written several letters warning that if Acme is late in paying its rent, it will be evicted from the premises. At the same time as the company's cash flow troubles occur, the employees take industrial action in an attempt to receive a pay increase. This strike stops deliveries from the warehouse for two days, with several customers cancelling their orders for supply from Acme. The cash flow problems are increased when the company's bank, Eastbank Ltd, threatens to appoint a receiver and manager over the company if it does not pay its monthly interest within two weeks. Eric, Mary and Mei Ling convene a board meeting to consider their options. Eric and Mei Ling would like to negotiate with their creditors to restructure the company's debts. Mary, however, would like to sell out and change industries. (a) Advise Eric, Mary and Mei Ling as to their options under the external administration procedures under the Corporations Act. including the advantages and disadvantages of such procedures. () What impact would the procedures have on Acme's creditors