Jimmy. Kenny and Lizzy are directors in Dazzling Dolphins Pty Ltd I'D D"} in Melbourne. Victoria. The company ans an aquarium. The aquarium includes a variety of creatures such as penguins. sharks. jelly fish. sea horses. star tish. rays. saw fish. and different tropical reel fish and ocean sh species. DD charges the public to see these exotic creatures as follows: Adults $40. Kids between the ages of Syrs- 18ys $25. Kids below the age of 5years get free admission. Jimmy the Managing Director of the company is a retired investment banker. Kenny is a n executive director and a marine biologist who works full time at the aquarium. Lizzy is a non-executive director. At a board meeting to rejuvenate the aquarium Lizzy suggests that they should replace the glasses in the tanks. Lizzy says it would be expensive to replace all the glasses. however. it will add value as the new glasses are said to be "everlasting. clean and scratch-resistant\". Lizzy presents a brochure from a business called 'glasses eyeryday". There is a note in the brochure that says this glass is not suitable for sea water. Without really thinking about it the board members pass a resolution to replace all the glasses in the tanks and delegate the task of negotiation and arranging the contract to Lizzy. Lizzy is in tact a partner in \"glasses everyday" and she does not reveal it to other boa rd members. The company spends a huge among or money to purchase all the required glasses and realises they cannot be used in an aquarium that uses sea water. After the huge expenses [or the above failed project. DD is struggling to maintain liquidity. In order to overcome this. Jimmy suggests they obtain a loan from AUZ Bank and build a crocodile enclosure to display a mega crocodile. Jimmy is a big tan of crocodile shows and suggests they bring a mega crocodile from Cairns, He states Austratia is famous for its crocodiles and therefore. a show that includes feeding crocodiles will attract foreign tourists to visit the aquarium. They allocate a budget oI $500.000 for this as there are many things to consider when housing a mega crocodile. The company builds the crocodile enclosure adhering to the requirements for a crocodile oyer 60cm. However. the State of Queensland refuses to let a mega crocodile to be transported from Cairns to Melbourne as it could make the animal sick and it could even die during the transportation. Kenny and Lizzy blame .Iimmyr for not checking with the state government before hand. in addition to the above. Kenny's suggestion to let the kids of all ages enter the aquarium for tree has also added to losses. Currently. the company is unable to pay its debts and a liquidator has been appointed. R EQ U I RE D: Answer the following questions. You must support your answer with relevant statutory provisions and case law. I. Advise Jimmy. Kenny and LLzzy whether they have breached any duties under the CorporationsAthDOl tCthi. II. Explain the defenoes available under the Corporations Act 2001 [Cth} for directors In the event of an insolvency of a company and discuss whether any of them are available to Jimmy. Kenny and Lizzy