Hawk Aviation Ltd (hereinafter, Hawk) is a public company that has been a domestic airline flying from Darwin to other Australian regional areas such as Uluru and Alice Springs in the Northern Territory, Toowoomba and Rockhampton in Queensland, Bathhurst and Albury since 1995. Successfully operating for about three decades, Hawk earned a good name in the Australian aviation industry as a reliable career. However, due to the growing competition from newly emerged budget airlines, Hawk started experiencing financial difficulties in 2017. Further, due to travel restrictions during COVID-19, Hawk's financial situation further worsened. In June 2022, the directors realised that Hawk was heading towards insolvency, In early 2023, its executive directors lan, Sam, Jemma, and non-executive directors, Irene and Prabin, wanted to save the company and in doing so, diverted its business from domestic to international flights. They purchased some larger aircraft and borrowed AUD 7 Billion from Rich Bank in June 2023.Unfortunately, in early 2024, Hawk realised they were too small to sustain the overwhelming competition in the international aviation industry. The company auditor has alerted the board of directors that Hawk appears to be financially insolvent.Required:193.Discuss if the directors of Hawk Aviation Ltd breached any provisions of the Corporations Act, 2001 (Cth) other than sections 181-What defences, if any, may be available to the directors under these circumstances?