Amy, Robin and Henry ran a money exchange business. In January 2018, they formed a private company, JustChange Sdn Bhd. The three of them became the only shareholders and directors of the company. Considering the high risk of the business, Amy sought insurance coverage against losses to their business in her own name. After a few months, their business faced huge financial losses. When Amy submitted her claim to the insurance company in respect of the losses, they refused to entertain her claim on the ground that she has no insurable interest.

In order to raise cash for herself, Amy entered into a contract to sell her house. Jason, who always admired the house approached Amy and made her an offer of RM1 million. After a while, Amy changed her mind and refused to sell the house. She then transferred ownership of the house to JustChange Sdn Bhd.

In April 2018, Amy and Robin were killed in a road accident. After their death, Henry carried on with the business alone. The business suffered losses. In order to overcome the financial difficulties, Henry, borrowed RM1 million from Muna Bank. To date, JustChange Sdn Bhd has failed to settle debts to Muna Bank. Henry also has not been able to cope with the financial affairs of the company. As a consequence, the company suffered huge financial loss.

Advise Henry as to whether he is personally liable for all the debts and liability. Discuss also on the liability of the insurance company and liability against Jason.