ROREX NL ("ROREX) was a no liability company that operated from January 2015 until June 2021. Although headquartered in Australia, ROREX mined rare earth elements (REES) in the US state of Arizona. REES incorporate a number of different metallic elements in the earth's crust which are critical to the manufacturing of modern electronics (such as mobile phones). An effective REE mine takes many years to establish due to the complex extraction and refining processes. Whilst ROREX got off to a good start in 2015, due to significant and unforeseen operating costs over the 2020 2021 financial year (caused by the COVID-19 emergency). ROREX became insolvent in June 2021 At the time of declaring insolvency, ROREX owed money to many creditors, with debts running into the hundreds of millions of dollars. However, ROREX held several patents related to REE mining technology which could be sold to other REE miners. At the time of declaring insolvency, it was also widely observed that the REE mining industry was projected to boom within 5 years due to insatiable global demand for Res. The Board of ROREX voted in June 2021 to place the company into voluntary administration. Question 1: Answer A, B, and C (25 marks total) I A). Explain the meaning of "solvent" and "insolvent" according to the Corporations Act 2001 (Cth) (5 marks)? B). Outline the procedure for entering voluntary administration (5 marks). C). Given the circumstances of ROREX, consider each course of action that the voluntary administrator could take, paying attention to interactions between the company's participants (directors/members) and creditors, and the administrator. Which course of action do you think would be most suitable given ROREX's circumstances? (15 marks)