Brad is the Managing Director of Toys 4 U. He has recently purchased a large order of stuffed toys for a major AFL match. The toys were merchandising for football matches for the 2019 and 2020 seasons. The main customers were football fans attending the match. The orders were made pre Covid. Once the pandemic struck and the football matches did not go ahead Brad found that the purchases from customers did not eventuate. He is now in a position that he cannot pay the supplier of the stuffed toys. At the time of the purchase Brad was aware that the company was in financial trouble but he hoped that the merchandising of the football toys, which was a new area for his company which was traditionally involved in educational games, would help to get it to make profits and become successful again. Answer using IRAC form.

Does Brad have any defences to insolvent trading?