A company has got itself into some significant difficulties financially and it has been put into voluntary administration. In the company, there are still some substantial assets or possibly some intangibles such as: goodwill, trademarks, customer connections and other matters that could mean that the company might survive with some good management. What should the company do?

Answer the above questions, citing relevant legal authorities (law and cases) in support of your answer. Answers not supported by any legal authorities will not receive any credit.

• Legal problem-solving questions must be answered using the IRAC (Issue, Rule, Application and Conclusion) method taught in class.