- Hungry Hippo is a chain of restaurants owned by Hippos food Pty Ltd. William and Xena are the directors of Hippos food Pty Ltd.

- William is also the CEO of the company and oversees the company's day-to-day operations.

- The business was running at a loss for the last six months, as per a report from their accountant.

- William read the report but Xena was unwell at the time, so he decided to not tell her about it.

- Things got worse, Hippos food Pty Ltd could not pay for its stock or salaries of its employees.

- William applies for a loan to buy handmade dumplings to add to the menu to improve business.

- Hippos food Pty Ltd borrows $10,000 from 'The Bank'

- When Xena returns to work, she checks the accounts and recent reports and realises that Hungry Hippo is in serious financial trouble.

- Without telling William, she employs a financial advisor to prepare a restructuring plan.

- Shortly after, the company went into liquidation due to owing large sums of money to its creditors.

Advise William and Xena of their liability to Hippos food Pty Ltd and any defences under the Corporations Act. Do not discuss S.180-184, please use statutory provisions to support the response.