Question 1 (15 marks) The financial situation of Yum Limited was such that there appears to be uncertainty as to its solvency, e.g. owing $400,000 to the bank on overdraft and had to borrow more money to pay the October salaries by the end of the month. Mr Chan, the only shareholder and director of Yum Limited, intended to order in the name of Yum Limited $200,000 of expensive seafood from 5 suppliers and pocket all the October incomes from selling the seafood, instead of using the amount to pay monthly outgoings and outstanding debts of Yum Ltd, and to close the business afterwards. Required: Whether Mr Chan will be personally liable for all the liabilities incurred in the name of Yum Limited