For any business, insolvency is a frightening and emotionally-charged concept. For an Indigenous organisation, it is complex, stressful, and may put many community-owned and hard-won assets at risk of being lost. For the Directors of Indigenous corporations, insolvency creeps up on them because few have received financial training or timely financial reports and advice.
Insolvency and potential administration is a time of denial, fear, and a time where they have to struggle with conflicting demands about saving the corporation to personal liability over some unknown twists of insolvent trading law.
In fact, once the corporation is put in administration, the Directors are effectively sidelined and have to live with guilt and being powerless.
(more…)...
Read more
What Is Insolvency, Really?
