"Company directors have to exercise a very high standard of care and diligence under both the Corporations Act and case law because if they make a decision that causes any damage to the company, they will be personally liable to creditors."

A.)the correctness of this statement.Is the statement is correct or not.

B.)an explanation of the meaning of the directors' duty of care and diligence by reference to the Corporations Act and case law and also a description of any defences available to directors in this situation.