Errol is the only member of FrankfurterCC、Due to the unfavourable economic climate FrankfurterCC、has incurred substantial debts. The corporation owes its bank a substantial sum on overdraft. Some of the creditors are now complaining thatErrol failed to disclose the corporation’s terrible situation whenErrol placed further orders with them. The creditors also allege that FrankfurterCC’s business has been carried on recklessly.Required:Discuss whetherErrol can be held personally liable for FrankfurterCC’s debts. (10 marks)