BetterBuild Pty Ltd is a family$-$owned construction company that specialises in construction and renovation of residential homes. The family is conducting its business from premises that it owns. The property is valued at $$1\mathrm{.}5$ million, and is subject to a mortgage of $$1$ million in favour of BusinessBank, providing BusinessBank with a security interest in respect of the land. The company does not own any significant assets, other than the land from which it is conducting its business. The directors of the company are Donald, his wife Daisy, and their son, Mickey. Shares in the company are distributed among Donald $(50\%),$ Daisy $(20\%),$ Mickey $(20\%),$ and Mickey$$s adult daughters, Belle $(5\%)$ and Aurora $(5\%).$

The company has been operating successfully for more than $15$ years, but has recently been experiencing significant financial difficulties as a result of a number of economic factors. Donald, Daisy and Mickey are concerned about the company$$s ability to continue to pay its employees, contractors and trade creditors. They are not quite clear on the company$$s financial position at the moment, due to the fact that they dismissed the company accountant six months ago, without having found a suitable replacement yet. The previous accountant left everything in disarray, and it is clear that the company$$s financial records have been in a state of chaos for at least a year. To be $$on the safe side$,$ they are considering borrowing $$250000$ to be able to pay wages and contractors, just to tie them over until things improve. They would have liked to apply for the loan from BusinessBank. However, as the company is in arrears in respect of mortgage repayments to BusinessBank, they suspect that they might not be successful in obtaining financing from BusinessBank. They consider approaching LoanShark Pty Ltd for the $$250000$ loan instead.

$1.$ Discuss the legal implications of the company$$s financial records having been $$in a state of chaos for at least a year$.$

$2.$ Name and discuss the options that are available to BusinessBank under these circumstances.