Marian,Phillis,and Lauren are three directors at A Mart Supplies Ltd.The corporation has $150 000 in assets,including capital and $110 000 in debt.
(1)If the directors passed a resolution redeeming all the preferred shares of the corporation for $50 000,what remedy would unpaid creditors of the corporation have and against whom?
(2)If Phillis and Lauren voted in favour of a directors' resolution approving the corporation's purchase of artwork from an unknown artist for $60 000 for resale purposes and it turned out that the work was unsaleable and was ultimately disposed of for less than $10 000,what remedy would unpaid creditors have and against whom?

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The Answer of Marian,Phillis,and Lauren are three directors at A Mart Supplies Ltd.The corporation has $150 000 in assets,including capital and $110 000 in debt.
(1)If the directors passed a resolution redeeming all the preferred shares of the corporation for $50 000,what remedy would unpaid creditors of the corporation have and against whom?
(2)If Phillis and Lauren voted in favour of a directors' resolution approving the corporation's purchase of artwork from an unknown artist for $60 000 for resale purposes and it turned out that the work was unsaleable and was ultimately disposed of for less than $10 000,what remedy would unpaid creditors have and against whom?

Marian,Phillis,and Lauren Are Three Directors at a Mart Supplies Ltd