Tony Stark and Steve Rogers are the directors of Wakanda Ltd, a company trading in the manufacture of sports equipment. In the last couple of years business had slowed down and the company is hopelessly insolvent. Despite this situation, the directors decided to purchase $800,000 worth of office equipment in the name of the company from Alpha Ltd on credit.

Alpha Ltd was not aware of the financial situation of Wakanda Ltd and this was not disclosed by the directors to the company at the time of the transaction. It was clear there was no intention by Tony Stark and Steve Rogers to pay Alpha Ltd for the equipment. The company is now in insolvent liquidation and the liquidator, Bucky, wishes to know whether Tony Stark and Steve Rogers can be made personally liable for the debts and other liabilities of the company. He also wishes to know whether they could be prosecuted for any offence under the Company Law in respect of the transaction with Alpha Ltd.

Required :

1. Advise the liquidator, Bucky.

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