(a)Winter Ltd is in the process of winding up and Don is appointed the liquidator. He has established the following: The company acquired a property in Kowloon for $30 million and it is the subject of a charge to Kowloon Bank for $20 million. The current market price of the property is $16 million The company has other unencumbered non-current assets of $4 million The company has a bank balance of $1.04 million at Water Bank The company has not paid its tax bill of $200.000 The company still owes its suppliers $4 million Liquidator's fees of $200.000 is owed to Don The company owes its non-executive directors a total of $2 million directors' fees (i) (ii) (iii) (iv) (v) (vi) (vii) 3 (viii) The company owes each of its 40 employees wages of $66.000 and severance payment of $100,000 Required: Advise Don on how the assets of the company should be distributed. (please ignore the operation of the Protection of WVages Insolvency Ordinance) (16 marks)