Inexistent 2000 Ltd ("Inexistent 2000") is an Australian public company. Inexistent 2000 owns and operates 10 restaurants. Ariel, Cecilia, Kai, Lila, and Meilin are the directors of Inexistent 2000. Inexistent 2000's restaurants are very trendy, and they are successful businesses. Ariel, Cecilia, Kai, Lila, and Meilin think that it is time for Inexistent 2000 to take a loan and expand. In a board meeting Ariel, Cecilia, Kai, Lila, and Meilin give approval for Inexistent 2000 to take a $50 million loan to buy and open 20 new restaurants. Inexistent 2000 takes the loan and opens the 20 new restaurants.

One year later, people start losing interest in Inexistent 2000's food. People think that the food Inexistent 2000 offers is good, but it is not trendy anymore. Inexistent 2000 starts suffering more and more losses. Inexistent 2000 has 300 employees. Ariel, Cecilia, Kai, Lila, and Meilin are sure that Inexistent 2000 will become insolvent soon.

(a)Explain what voluntary administration is, whether Inexistent 2000 can appoint a voluntary administrator and what effects voluntary administration would have on Inexistent 2000 and its directors. In your answer: consider and describe all the issues of the problem; show understanding of the relevant law and how it applies to the factual situation; provide your reasoning and analysis; and provide your conclusions.

b) Compare and contrast the role and powers of a receiver (during receivership) and the role and powers of an administrator (during voluntary administration).

c) Briefly explain the duties and liabilities of a receiver (during receivership) and the duties and liabilities of an administrator (during voluntary administration)