ZYX Pty Ltd is a family-run book publisher that has purposely refrained from using high-technology equipment over the past five years as the directors (the L family) considered it to be a fad and a waste of the companys resources. As a result, the companys antiquated equipment has failed to produce quality material and has been very inefficient compared with ZYXs competitors. During the current year, the companys bankers took possession of the companys assets, converted all the debt into equity, and two directors of the bank were appointed to ZYXs board, which now totals four people. The bank is undecided on whether it should sell the companys assets, which have little recoverable value or inject further equity into the company, purchase more advanced equipment and attempt to trade on and sell the business as a going concern.

For the above independent situations, determine whether or not control exists and, if so, by which party (under IFRS 10). Discuss the reasons for your answers.