Anna and Rose are the only directors of Flowers Online Pty Ltd.Due to an unusually wet summer, their business has suffered as their suppliers have not been able to provide adequate levels of stock because many of the flower plantations were destroyed by heavy rains.Added to that, the company's accountant mismanaged the business' finances, causing the company further financial problems.

What should Anna and Rose do in an attempt to avoid being sued by the Australian Securities and Investment Commission (ASIC) for breaching section 588G, and to try to save the company from being liquidated?What effect would it have on their creditors?Explain.

This is a question about corporation law