Cavendish Construction Limited Scenario Cavendish Construction Limited (the Company") is insolvent and has been wound up by its creditors. Amber and Tom are the only two directors and shareholders and have 5,000 Ordinary Shares of 1 each which have been partly paid at 50 pence per share. Tornado Bank Plc is owed 200,000 by the Company and has a floating charge over the assets of the Company. Fifty employees of the Company are owed 1,000 each for arrears of salary. The Liquidator's costs are 20,000. Mountain Bank Plc has a fixed charge over the Company's assets and is owed 400,000. The Company's other creditors are owed 500,000. The assets subject to Tornado Bank Plc's floating charge have been valued at 270,000. Mountain Bank Plc's fixed charge includes a fixed charge over the Company's offices which have been valued at 500,000 Please explain the law relating to the priority of payment of creditors upon the liquidation of the Company and apply this law by referring to the above facts. Please also discuss in your advice whether Amber and Tom are liable to pay any monies to the creditors or the company. emaining O (i) only O Neither Question c) If the floating charge assets are sold for 200,000, how much must be paid into the designated fund for unsecured creditors ? Select ONE alternative O 25,000 O 43,000 O 23,000 O 19,000 O 48,000