Due to the Covid-19 pandemic, Iceberg Motors Pty Ltd has lost many of its regular clients and it is now finding itself in serious financial difficulty. Its general manager, Ethan Lockington, is now becoming worried that the firm might become insolvent and will be unable to pay its suppliers within the next two months. Ethan is also aware that Iceberg Motors' employees need to be paid their salaries next week, which means that the firm's suppliers may not be paid.

What is Ethan's potential liability under the Corporations Act as it applies to company officers in his position?