2(a) Discuss one (1) appropriate option available to Hyflux under the Companies Act, Cap. 50 of Singapore, given its current insolvency. In your answer, you should explain why Hyflux is considered insolvent and provide a well-balanced consideration of why your proposed option is feasible, compared to other available options.

You can conduct further research, including reviewing Pages 12 and 13 of the affidavit dated 1 March 2019 and filed in relation to Hyflux's consolidated financial position (https://www.hyflux.com/wp-content/uploads/2019/08/20190301-2nd-Affidavit-ofLum-Ooi-Lin_Scheme-Companies.pdf).

2(b) Based on your proposed option in Question 2(a) above, explain the procedures and steps required to be taken under the Companies Act to obtain approval of the shareholders and creditors (where relevant).