Jimin and Lisa have been friends sinc e they studied together at the University of Auc klands Business Sc hool. In 2009, they formed a partnership to provide ac c ounting and business advisory servic es t o small Auc kland businesses. T hey eac h c ont ribut ed $50,000 in c ash and agreed to share the profits equally. Their business grew steadily over the following 10 years and by 2019, the partnership was worth $1,500,000. Jimin and Lisa know this bec ause Jimin had the business valued so he c ould borrow $500,000 from ABC Bank to buy a new family home in October 2019. To approve the lending, ABC bank needed to know what assets and liabilities Jimin had. By January 2020, the partnership employed 12 staff, inc luding senior ac c ountant Bella and offic e manager Steven. The March-April 2020 lockdowns were an extremely busy time for the part nership as t he st aff (Bella in part ic ular) worked t irelessly t o support t heir st ressed c lient s. When they were bac k in the offic e, in August of 2020, Bella started asking Jimin and Lisa about bec oming a part ner of t he firm. Bella is aware of what the partnership was valued at in 2019. She does not have muc h money to buy into the partnership, as she is desperately saving to buy a house. However, she is prepared to risk only $100,000. Jimin is very excited about growing the firm and Lisa is excited about an injec t ion of funds into the partnership. Jimin and Lisa agree to dissolve the existing partnership ent er int o a new part nership wit h Bella whereby Bella would risk no more $100,000. Short ly after the new partnership agreement was signed, Steven developed concerns regarding the firms financ es. One day while he was transferring money between ac c ounts to pay the upc oming wages bill, he realised t he savings ac c ount was almost empt y!Lisa admit s to Steven her interest in online gambling had bec ome an addic tion for her during the loc kdown. She breaks down saying I have lost my life savings and even my house!Lisa then c onfesses that she has been withdrawing money from the partnerships ac c ounts to gamble, in an at t empt t o rec over her lost money. Bella and Jimin are immed iat ely informed of the problem. Required:Using your knowledge of partnership law, what does t his c risis mean for Jimin, Lisa, Bella and Steven respectively?