Squeaky Clean Pty Ltd is a contract cleaning business that operates in Melbourne. The two appointed directors of the company are Russell and Tim Scrubs who are brothers. Their sister, Candy, also works for the company and is involved in all discussions and decisions made about the business. Unfortunately, six months ago, the company lost a major customer. Since then, the company has been trying to find new contracts but with no success. Two months ago, Russell and Tim asked the companys external accountant, Dickin Durbin to review the finances of the business. Dickin reported that, in his opinion, the company was insolvent. As a result, Russell, Tim and Candy decided to lay-off six employees and increase their efforts to find more customers. Required: Given the above facts, discuss the legal position of Russell, Tim and Candy.(10mmarks answer accordingly)