Using the IRAC rule answer the following question and the sub questions in 1000 words. Thank you

Brad is the Managing Director of Toys 4 U. He has recently purchased a large order of stuffed toys for a major AFL match. The toys were merchandising for football matches for the 2019 and 2020 seasons. The main customers were football fans attending the match. The orders were made pre Covid. Once the pandemic struck and thle football matches did not go ahead Brad found that the purchases from customers did not eventuate. He is now in a position that he cannot pay the supplier of the stuffed toys. At the time of the purchase Brad was aware that the company was in nancial trouble but he hoped that the merchandising of the football toys, which was a new area for his company which was traditionally involved in educational games, would help to get it to make prots and become successful again. Please answer ALL of the following sub-questions: What is Brad's duty to prevent insolvent trading? How is insolvency determined? What are the consequences for directors for trading while insolvent? Does Brad have any defences to insolvent trading