Petro Drilling Pty Ltd (Petro) is an oil exploration and drilling company. Due to the current low price of oil, the volume of work is decreasing rapidly. Bob, the managing director of Petro, is concerned about falling revenue of the company. The company's financial problems have caused it to be unable to pay for the most recently purchased batch of drilling equipment it has ordered from Rig Equip Supplies Pty Ltd (Rig Equip). Bob is obligated to manage the company's financial accounts. However, Bob has not bothered to check the company trading accounts for the last six months. Without Bob's knowledge, Frank, an employee of Petro, has been withdrawing money from the company's accounts to pay off a gambling debt, to the value of $150,000. When Frank realises these withdrawals have been discovered, he immediately leaves the company, but Bob is unable to retrieve the missing money. Bob should have notified the other two directors of Petro about this occurrence and the company's financial problems. Instead, Bob used the Petro's credit card to purchase a new range of diamondtipped drills costing $600,000 from Rig Equip. Petro goes into liquidation, without ever paying Rig Equip for the drilling equipment. Question 3 (7.5 marks) Advise Petro Drilling Pty Ltd as to whether Bob and/or Frank have breached section 182 of the Corporations Act 2001 (Cth). As part of your answer, you should consider only section 182 and the supporting common law, and what remedies are available to Petro and ASIC?. 4 Question 4 (7.5 marks) Advise Petro Drilling Pty Ltd whether Bob would be personally liable for payment of Rig Equip's unpaid debt. In your answer refer only to the statutory duties under the Corporations Act 2001 (Cth) and the supporting common law. (You are NOT required to discuss sections 180 - 183 of the Corporations Act, any defences or remedies).