subject: law of business organisation BUS200

Clogg Utilities Ltd (CUL) is a boutique real estatemanagement company that is aspiring to be listed on the ASX. CUL has 3 directors; Mr Tench, Miss Beed and Dr Renshaw (who holds a PhD in astrophysics). At a directors meeting in June 2021, a proposal to purchase a small real estate management company called Unwise Business Ltd, is raised. The proposal is accompanied by a report detailing all the main details about this company. Only Mr Tench and Dr Renshaw attend this meeting - Miss Beed does not attend the meeting (she has not attended any Board meetings for more than 3 years). During the meeting, Dr Renshaw quickly looks at the report for Unwise Business Ltd and comments that it looks very impressive. Mr Tench does not read the report about Unwise Business Ltd, considering the opinion of Dr Renshaw to be entirely reliable. After 10 minutes of discussion, Mr Tench and Dr Renshaw jointly approve the proposal for CUL to purchase Unwise Business Ltd for $50K,even though both directors are aware that CUL is currentlyhaving difficulties paying its rent. Furthermore, the purchase price draws upon the entire amount of CULs cash savings, and the Bank refuses to lend any more money to CUL.

Question: Which directors duties have Mr Tench, Miss Beed and Dr Renshaw possibly breached?

Make sure you use I.R.A.C. to structure your answer and make reference to the relevant sections from the Corporations Act 2001 (Cth) and case law.