T Pty ltd is a company that provides elite race car experiences in Australia. T ptd ltd has three directors Kim, lee and Michelle. Kim has been appointed the managing director. Michelle is appointed as a independent non executive director. Lee is an executive director. Wang is the company's cfo and is a qualified chartered accountant, and the board refers to him for his accounting skills. The company maintained a good profit for the first four years of operation but has recently experienced an increase in cost causing some financial strains on the company. Despite the decline in the company's financial position, the board believes that they should expand into providing airplanes. The board delegates to want the task to investigate the financial returns on a proposed airplane project. Want delegates the task to his secretary as he is about to go on holidays. The report ( prepared by the secretary) recommends the project. It later turns out that the report is misleading as it has missed a number of costs involved in the new project. At the board meeting the directors call wang in to discuss.. however they are in a hurry to get though a number of items and the proposal is considered as the last item on the agenda. The directors spend less than 5 minutes discussing the report and agree to accept the proposal. During the board meeting want notes the company is struggling to pay its debts as they fall due. Michelle was not at the meeting and has missed servers meetings lately as she has committed to other ventures. Three months later the company is placed into liquidation by one of its creditors. Consider when the director/officer maybe liable for any debts occurred in relation to the projects as a result of the financial position of the company at the time of the board meeting