company law

1.The company paid a major supplier in preference to the smaller creditors to ensure that they could continue to get supplies of motor parts to sell. This transaction took place three months ago. Assume the company is placed into liquidation within the next 3 weeks.

2.Laurence did not take a commercial salary for the last 2 years given the downturn in the economy and Mark did not ask for his directors fees. When there was $50,000 in the bank account he withdrew $40,000 as payment for outstanding wages and gave Mark $5,000 for his outstanding directors fees

Q:outlining the consequences of each of the above transactions,as well as calculating any financial information required