Peter Finch is the managing director of Dolls House Boutique Pty Ltd, a small, family-owned company that manufactures timber dolls houses. The company has a couple of standard designs that are very popular, and it has a standing order from a number of toy distributors in Australia for some of these houses every year. Lately, Peter has seen a bit of a downturn in the number of standing orders. This has been causing some difficulty for the company in keeping up with its financial commitments, especially over the 'slower' months immediately after the Christmas period. Peter is hoping that things will soon turn around. Unfortunately, an influx of cheaper, plastic versions of dolls houses into the market causes additional difficulty for the company, causing the company's financial position to deteriorate even further. Peter and the other directors are very concerned about the future of the company. Their concerns increase when a notice is served on the company by their regular paint supplier, demanding 'full payment of the outstanding amount of $10 000 with interest at the current rate within 21 days'. Peter is confused, as he thought the outstanding amount should be much lower. He is not sure what to do about the notice. Advice Peter in detail about the notice that has been served on the company.