(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-of-Lum-Ooi-Lin_Scheme-Companies.pdf).(30 marks)(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).(15 marks)

Hyflux Ltd ("Hyflux" or the "Company"), a specialist in water treatment, was listed on the Singapore Stock Exchange ("SGX") in January 2001. At one time, it employed more than 2,500 staff in Asia Pacific, the Middle East and the rest of the world, in its operations and research laboratories. In 2008, the Hyflux group reported net profits of S$59 million. By end of 2016, the group had net profits of S$3.8 million. In 2011, Hyflux won the tender to build and operate a desalination plant in Singapore (and the largest in South East Asia) which is integrated with a power plant (collectively known as the "Tuaspring project"). As the first integrated water and power project in Asia, it was envisaged that the Tuaspring project would provide Hyflux with revenues from selling the desalinated water and the electricity generated. On 21 May 2018, the Company suspended its shares on SGX and applied for court supervision to reorganise liabilities and businesses the next day. The company's earnings had been hit b "prolonged weakness" in the local power market due to the Tuaspring project, when electricity tariffs fell by more than 60% over the span of seven years. The founder of Hyflux is the Executive Chairman of the Board of Directors, the Group Chief Executive Officer and a shareholder of the Company. As a group, review the following news articles and conduct further research (where relevant) before answering the questions below: https://www.straitstimes.com/business/companies-markets/hyflux-queried-over-ceos