QUESTION 3 Henry is the director of a company that is currently experiencing financial difficulties. A number of different options have been suggested to him. He is unsure as to the appropriate option to choose, as some board members have suggested Receivership, while others believe the best path for the company is Voluntary Administration. (a) YOU ARE REQUIRED to advise Henry, with reference to relevant authority, regarding the general duties of receivers owed under the Receiverships Act 1993 and the effect that the appointment of a receiver will have on the company. (20 marks) (b) YOU ARE REQUIRED to advise Henry, with reference to relevant authority, regarding the purpose, benefits and effect of the Voluntary Administration regime. In your answer discuss why Voluntary Administration might be a better option for the company. {10 marks)