Alla Inc. is a manufacturing company that is having serious nancial difculties. The Royal Bank has a $1.3 million dollar loan backed by a general security agreement on Alta, but Alta has missed the past 2 loan payments totaling $40, 000. Alta owes $30,000 to the government for CPP and El contributions that it has not made for the past 16 months. Alta owes 4 months in back rent of $30,000 to its landlord, JZ Properties Inc. and J2 is demanding to be paid. Alta also owes Davis Wire Inc. $20, 000 for wire that it supplied Atta and Davis wants to be paid or it plans to take back its wire. There are 40 Atta workers who each make $800 per week and they have not been paid in 4 weeks. Ted Snow is the president of Alta and he called an emergency meeting of the Alta board of directors this week. The board agreed to pay its worried preferred shareholders a dividend costing the company $40,000. Discuss tully what options Alta has to avoid bankruptcy and what would happen if Alta does go bankrupt. Outline the steps and the rights of all the parties and the directors' legal position