Bora has heard around town that The Woods Ltd. is in severe financial difficulty. It turns out the rumours are true. The Woods Ltd. owes $900,000 to its creditors and it only has assets amounting to $500,000. It has failed to pay the bank the last mortgage payment on its store. Despite this failed venture, The Woods Ltd.'s two shareholders, Sheilah and Morris, are still doing quite well for themselves.

Discuss The Woods Ltd.'s options for getting out of its current financial difficulties. [4 points]