Garry White is an executive director of a company which trades a retail business. After two years of poor trading and low turnover, the company is unable to pay its debts as and when they fall due. White visits you to get some very basic advice on the options open to address the situation of the companys insolvency. (a) By reference to the Corporations Act 2001 (Cth), explain the various options available to Whites company to deal with its insolvency. In your answer, explain what difference it would make in assessing these options if White tells you that the business could be profitable again if creditors gave us some time to make some changes. (b) If the company has borrowed money from a bank and the bank has a security interest over all of the companys assets (securing the loan), explain what the bank might do to enforce or protect its interests.