Articles written By Michael Corry
Michael is a finance and governance professional who straddles the commercial and community sectors through a range of skills, qualifications and experience. After work as CFO in a range of businesses, Michael founded CFO Clarity in 2012, providing CFO services to a range of clients. He balances this with several directorships and Chair of Finance roles in diverse non-profit organisations. Michael is a Fellow of the Institute of Chartered Accountants in Australia and also the Governance Institute of Australia. He holds an MA in economics from Christ’s College, Cambridge.
Distressed Balance Sheets – The Board’s Role
“Things are pretty tough in the market these days”. How often do we hear that? I’ve rarely heard anyone say over the years that “conditions are ideal right now”. Whether you are a commercial business or NFP organisation, staying in business is tough. Cash is hard to come by from government, donations or trading activity, so it’s inevitable that financial challenges arise from time to time in many organisations. In some cases, this can be an isolated hiccup, but in other, it is the sign of a more serious structural failing of the organisation’s finances.