Coco Pty Ltd (Coco) was owned by Country Ltd (Country).The directors of both companies were the same persons. In December 2021, one of Coco's major creditors applied for Coco to be wound up and a liquidator was appointed. While inspecting the financial documents of Coco, the liquidator discovered the following:

(a) In August 2018, Coco approved a large loan to Country. In November 2021, the directors of Coco met and resolved to forgive the loan owed by Country for no consideration.

(b) In January 2021, the managing director of Coco deposited company funds into his wife's bank account. His wife used the money for her food delivery business.

The liquidator sought a declaration from the court that the transactions in (a) and (b) were voidable under the Corporations Act 2001.

Will the liquidator succeed? Why/Why not?