Administrators for collapsed airline Bonza say the company likely traded while insolvent, with the company's directors to be referred to the corporate regulator for investigation.
In case anyone else needed to look it up, “trading while insolvent” means conducting regular business (“trading”) while having liabilities that exceed assets (“insolvent”). Like (I think) ordering product from a vendor you can’t pay for, or having employees continue to work when you can’t make payroll.
In case anyone else needed to look it up, “trading while insolvent” means conducting regular business (“trading”) while having liabilities that exceed assets (“insolvent”). Like (I think) ordering product from a vendor you can’t pay for, or having employees continue to work when you can’t make payroll.