Julie and Julia incorporated their landscaping company, JJ Greens Pte Ltd, on 1 March 2019. They are both directors and shareholders of the company. Two months after the incorporation, the following contracts were made:

(i) JJ Greens Pte Ltd entered into a lease contract with Happy Land Ltd for the lease of a piece of land in Lim Chu Kang for the next five years.

(ii) Julie signed a promissory note on behalf of JJ Greens Pte Ltd issued to Qian Qian Pte Ltd in return for $100,000; this money was used to purchase a commercial tractor. Julie did not put the company's name on the promissory note.

Unfortunately, the business did not do well and by October 2019, the company was unable to make payments under the agreements above.

Explain to Julie and Julia if they would be personally liable for the debts owed to Happy Land Ltd and Qian Qian Pte Ltd if JJ Greens Pte Ltd is wound up. (15 marks)