Q3: Web Warriors Pty Ltd ('Web Warriors') is an integrated technology company based in Melbourne. It provides web hosting services, website design, and IT and audio-visual hardware solutions for corporate clients across Melbourne. In January 2022, the company had approximately 100 employees, and an annual turnover of $25 million. It owns a warehouse and storage facility in Altona, and rents office premises in the CBD. Katherine, Michelle and Graham are the directors of Web Warriors. A term of the constitution is that the directors are required to meet every month. Every three months, a board meeting is called. At these meetings, the directors in attendance briefly review the financial position of the company. To protect confidentiality, the financial statements are not provided to the directors in advance of board meetings - and usually there is not enough time to go through the prepared statements in any detail. In early June 2022, Michelle overhears that the staff are receiving a lot of angry calls from suppliers that have not been paid. As a quick solution, Michelle instructs her staff to only pay the suppliers that are critical to the business - "the smaller creditors can wait," she says. For example, Aussie Modems Pty Ltd supply modems needed for new customers, so Web Warriors pays its outstanding bill of $125,000 in full. By late June, many hardware suppliers are demanding cash to be paid on delivery. In early July 2022, around 10 employees complain to Katherine that their superannuation has not been paid for the past 6 months. Because Katherine is worried about the finances, she arranges for a loan of $500,000 - secured against the factory and equipment - at an interest rate of 25 per cent per annum, with the principal to be paid back over a 3-year term. The bank interest rate is currently 8 per cent. The loan is from Bailout Pty Ltd, where the sole director and shareholder is Katherine's husband. She does not disclose to the other directors where the funds came from. In late July 2022, Web Warriors receives a statutory demand from Monitors Pty Ltd although it is not clear what the debt is for, or when it is due to be paid. Graham is unaware of the events of June and July because his wife died suddenly, and is taking a 3 month leave of absence. REQUIRED: refer to relevant cases and statutory law. a) Advise whether the statutory demand from Monitors Pty Ltd is valid. Explain the consequences of failing to comply with a valid statutory demand. (5 marks) b) If a Liquidator is appointed over Web Warriors, advise whether it could void any transactions entered into by Web Warriors. (10 marks)