Honestbee is a company founded in Singapore in 2015. It provided online grocery and food delivery service in markets such as Singapore, Malaysia, Thailand, Taiwan and Japan (to name a few). On 22 July 2019, Honestbee Malaysia, via their Facebook account, announced that they will be suspending their operations (https://www.facebook.com/honestbeemy).

Subsequently in August 2019, an application for a moratorium was filed at the Singapore High Court (https://vulcanpost.com/671240/honestbee-moratorium-creditors-singapore/) and a scheme of arrangement was proposed to their creditors sometime in February this year (https://vulcanpost.com/687744/honestbee-us7m-funding-brian-koo/).

After the discontinuation of their online delivery services, Honestbee continues to operate their grocery and dining business under the business entity called Habitat (https://habitat.honestbee.sg/). However, due to the recent coronavirus outbreak, Habitat's operations is temporarily closed from 10 Feb 2020 until further notice (https://www.straitstimes.com/business/companies-markets/honestbee-sheds-80-of-staff-delays-salary-payment)

Refer to Honestbee'scapital maintenancei.e. shares, assets and borrowing (liabilities) derived from sources listed above. If you were a shareholder, justify (using valid legal support) whether you would support Honestbee's plan for company turnaround - Why? (Argue your reasons).(30 marks)