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Question 1
Indri runs a soil-testing business. He decides to form a company to take over the business. He is the sole shareholder and sole director. Indri sells his business to the company at an inflated price and lends the company $90,000 to help meet the cost of purchase. As security for the loan, Indri arranges a mortgage over a vacant block of land, which he transferred to the company as part of the business sale. In the first year of operation, the business makes a small profit (after paying both Indri and his 20 daughter's wages), but by the end of 2012 it is clear that the building industry is going through a major slump. Indri becomes desperate and works even harder. While working late into the night, Indri badly lacerates his hand and needs micro-surgery. His efforts to keep the business afloat are in vain and the company is forced into liquidation. On realisation of the assets, it is found that the company has approximately $95,000 to go towards meeting creditors' claims of $210,000:
(a) If Indri is the only secured creditor, will he get back his $90,000?
(b) Can Indri claim workers' compensation, assuming that he is otherwise entitled to it?

Question 2
Mr Shifty, Ms Avoider and Mr Marginal call to make an appointment with your firm, Fees Ruthless,
solicitors. You have been asked to establish their new company (No-Tax Agents Pty Ltd). You advise
them not to bother with their own constitution, but instead to rely on the replaceable rules in the
Corporations Act. Advise who should be appointed as directors of their company in view of the
following information:
(a) Mr Shifty states that he does not want to be appointed a director or secretary. He suggests instead that:
 his family company be appointed as a director; and the company not have a company secretary;
(b) Ms Avoider is currently unavailable for meetings as she has five months still to serve for her last
conviction for falsifying company accounts;
Mr Marginal is 72 years old and has Alzheimer's disease. A trustee has been appointed to administer
his estate.
Assume that Mr Shifty's family company subsequently goes into

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