In 2013 Dalma took over her grandmothers company shine private limited which ran a small hair and beauty salon business in Sydney. She soon set about updating the business products and image. within a few years, she Shine grew into a much larger business that has 10 salons operating in various cities across Australia. Despite its aggressive expansion strategy and increased business the operations of shine did not yield the desired financial results. Its financial position further deteriorated with the spread of COVID-19. As a consequence of the expansion the pandemics, shine has been running at a loss for the last few year. The company is financed by loans totalling $1,000,000 from West Bank. West Bank has circulating and non-circulating security interests over all the assets of shine as well as personal guarantees from Dalma as the company's sole director and her partner secured by mortgage over there family home. Dalma is concerned that she may not be able to keep shine afloat she's particularly worried about her personal exposure under the guarantees she and her partner had given and about the welfare of the employees that have been very loyal to the company. Shine has been late in the payment of rent on its flagship saloon in Sydney each month for the last five months but she managed to find necessary funds usually at about the time and the second threatening letter from the landlord has arrived it stepped was dollar 5900 to sparkling private limited local cleaning company however in is overdue shine has received statutory demand from sparkling. The 21 day. For compliance with its demand expired yesterday.

Advised alma about her options under the external administration procedures for the of the Corporations Act in your advice you need to outline the advantages and the disadvantages each of the different types of procedure for her and the company's employees in the light of the current situation you also need to provide a brief comment on what West Bank is likely to do in this situation please ignore the impact of the Australian government's job seekers payment on shine and its employees in your advice.