1. Queensland Rail Constructions Ltd (QRCL) purchases $2 million worth of wood for the Brisbane-Sydney rail line project from Tasmanian Timber Ltd (TTL). After installing tracks are installed between Brisbane and Robina, QRCL is unhappy to observe that the wood components have warped dramatically, such that QRCL will have to lay the entire length of track again. As a result, RCL refuses to pay TTL for the wood. In due course, TTL sends a letter stating that QRCL owes it $2 million, plus compound interest at 8 per cent per annum. The letter is addressed to 'Rail Contracting Pty Ltd'. QRCL is of the view that the entire lot of wood is defective, and if anything, TTL should have to pay QRCL for the massive expense that QRCL is going to incur significantly more than $2 million in re-laying the damaged track. Advise QRCL on how the demand it has received and the alleged quality of the wood may relate to subsequent winding up proceedings. 2. Garbage Scramble Pty Ltd leases a warehouse owned by Landlordly Pty Ltd. The monthly rent is $5000. Oskar and Shankar, the only directors of Garbage Scramble, enter into a guarantee with Landlordly regarding Garbage Scramble's obligations under the lease. Garbage Scramble does not pay rent for 3 months, and Landlordly soon discovers that Garbage Scramble has been placed into voluntary administration. Can Landlordly evict Garbage Scramble and sue Oskar and Shankar under the guarantee? 3. Going for Broke Pty Ltd borrows $500000 from its bank. The bank is granted a security interest in some of Going for Broke's equipment. Going for Broke Pty defaults on the loan and appoints a voluntary administrator. Advise whether the bank is entitled to seize Going for Broke's equipment that is subject to the security interest. How would your answer be different if the bank's security interest covered all of the assets of Going for Broke Pty Ltd? 4. Virginia is a secured creditor of Infinitude Loans Ltd. Virginia has just received a notification that Infinitude Loans has appointed a voluntary administrator. She has no clue what this means for her. Advise Virginia on the following. What does it mean when a company appoints a voluntary administrator? Can Virginia enforce her security interest? What is the procedure for a voluntary administration? Are there meetings, and if so, what happens at them? What are the possible outcomes of a voluntary administration