Ryan and Amy are two young businesspersons in the travel industry. They work for Fly 777 Ltd ("Fly 777"). a company which offers discount flights to destinations around the world. They each purchase a 15% stake each in Fly 777 and are appointed to the board as non-executive directors Due to a recent downturn in the volume of sales. Fly 777 is facing liquidity problems. The company is unable to borrow more money from any of the major banks or lenders. In the current difficult investment climate, Fly 777 is unsuccessful in raising more capital.The Managing Director. Paris Avion, assures Ryan and Amy that the company will overcome its problems. Ryan and Amy have no reason to doubt her. A couple of months pass and Fly 777 is still struggling. Unbeknown to Ryan and Amy, the other directors fear that the company may be trading while insolvent. It has received summonses from several creditors for unpaid debts. Despite these recent diffculties, of which Ryan and Amy knew nothing,Paris Avion decides that the company should purchase a new shopfront for its business in Elwood for $2million.Paris considered that despite the general economic malaise, Elwood was in a travel growth corridor.The companywould simply sell off some of its assets to fund the purchase of the Elwood property.All of the directors, including Ryan and Amy approved this course of action.However, as the company is unable to obtain sufficient funds from the sale of assets, the company defaults under the sale contract for the Elwood property and the vendor places the company into liquidation. The company directors seek your advice as to their potential liability Your answers must include case law(where relevant)and the provisions of the Corporations Act 2001.