(a) You are the secretary of Diamondtec (Pvt) Ltd, a small manufacturing company which specialises in the manufacturing and installation of mining equipment. There are only two shareholders, Kundai and Greta, who are also the only directors. They concern themselves primarily with the manufacturing and sales aspect of the business and rely on you for guidance on accountancy and finance. The company has had three successive adverse trading years and one of the creditors, Tamai, who is owed US$2,000,000 has reached the conclusion that the company’s losses are caused by the mismanagement of the two directors. Last week he presented a creditor’s petition to the High Court for a winding up order because the company is unable to pay its debts.Required:Advise what alternative action the court may take in the circumstances in order to save the company from winding up. (6 marks)
