In answering the problem, observe the following:

(a) First, answer the questions squarely (Yes or No);
(b) Then, explain your position; and
(c) Finally, cite the article in Business Law in the Philippines where you based your answers;

Z, Inc. (a corporation) is dissolved:

a). The board of directors approved a resolution authorizing the payment by the corporation of its debts under a contract. Is the resolution valid? Why or why not. Cite the applicable section.

b). After the lapse of the three (3) year winding-up period, what remedies are available to a corporate creditor to recover the debts of the corporation?