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You must answer this question using the ILAC (Issues, Law, Application and Conclusion) method. Bill, founder and one of the directors of Bill's Drilling Pty Ltd (Bill's), is concerned about falling revenue. Bill's Drilling is an oil exploration and drilling company, and the current low price of oil means that the volume of work is decreasing rapidly. The company's financial problems have caused it to be unable to pay for the most recently purchased batch of drilling equipment it has ordered. Bill, as Managing Director, is obligated to manage the company's financial accounts. However, Bill has not bothered to check the company trading accounts for 6 months. Without Bill's knowledge, Frank, an employee, has been withdrawing money from one of the company accounts to pay off a gambling debt, to the value of $150,000. When Frank realises these withdrawals have been discovered, he immediately leaves the company, but Bill is unable to retrieve the missing money. Bill should have notified his fellow company directors about this occurrence and his financial problems. Instead, he used the company credit card to purchase a new range of diamond-tipped drills costing $600,000 from his brother's drilling supplies company. He chose this supplier because he hoped he may gain some personal financial advantage because his brother owned the company. Advise ASIC of any actions that could be taken against Bill and/or his employee, Frank. In your answer refer only to the relevant common law and statutory obligations pertaining to the Corporations Act 2001 (Cth)

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