自2009年12月开始房地产调控以来，调控经历了5次升级，即2010年1月的“国十一条”、4月的“国十条”、9月的“9·29新政”、2011年1月的“新国八条”，再到今年2月20日的“国五条”。政策调控措施频出且逐步加码，但就是按不住房价高昂的“头”。房价之所以对政策调控不予理会越调越涨

A．主要原因在于房地产市场的供求失衡

B．在于房地产商为了利益，恶意炒作

C．表明要充分发挥市场在房地产的基础性作用

D．表明国家宏观调控经济手段失效，应以行政手段为主

JKL Co is a shareholding company. On 1 February the board of management met to consider the company’s trading difficulties. The company was faced with a cash flow crisis. Although the company’s financial position was a cause for serious concern, the board agreed that there was a genuine prospect of recovery if cash could be raised quickly. They therefore agreed to sell a warehouse belonging to the company for this purpose. Despite the warehouse having an estimated value of 225 million dong, the highest offer to the real estate agency was 120 million. The board reluctantly accepted this figure and the property was sold on 1 May.On 1 June the company’s cash flow had improved and the board of management decided to repay a loan of 300 million dong ahead of the scheduled repayment date. The loan had been backed by a guarantee given by Vinh, a member of the board of management.On 1 August the company was declared bankrupt by the court.Required:

(b) Explain whether there will be any consequences to the board of management or to Vinh personally of the decision to repay the loan ahead of schedule. (5 marks)