Extra Small Mines Ltd (ES Mines) was a no-liability company that operated in the Hunter region of New South Wales. It was registered in January 2014 and began operating in the same year. At first the company was very successful and secured lucrative contracts for mining and exporting coal to companies located overseas. However, during 2020, ES Mines lost its main export partner following a diplomatic dispute created by the Australian government. As a result of losing its main export partner, ES Mines became insolvent in February 2021. At the time of declaring insolvency, ES Mines owed money to several creditors, with the debts running into tens of millions of dollars. However, ES Mines owned several commercial properties in Brisbane for which it had secured leases until 2025. ES Mines also owned most of their mining plant and equipment, including a high-tech device that can detect commercially viable resource deposits. At the time of declaring insolvency, several experts claimed that ES Mines would be unlikely to recover in the long term due to a global push for renewable energy, and a declining demand for coal-fired power. The Board of ES Mines decided in February 2021 to place the company into voluntary administration. A). Define insolvency under the Corporations Act 2001 (Cth) (2 marks). B). Explain why directors may desire to place their company into voluntary administration (3 marks). C). Outline the procedure for entering voluntary administration (5 marks) D). Given the circumstances of ES Mines, consider each course of action that the voluntary administrator could have taken, paying attention to interactions between the companys participants (directors/members) and creditors, and the administrator. Which course of action do you think would be most suitable given ES Mines situation?