report

Financial distress – The board’s role

Apr 1, 2020 1 MIN READ
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Authors
Mary Paterson

Partner, Disputes, Toronto

Andrew MacDougall

Partner, Corporate, Toronto

Marc Wasserman

Partner, Insolvency and Restructuring, Toronto

Being on the board of a company requires being alert to the signs of potential financial issues and being ready to take prompt action.

A 2020 survey and roundtable discussions conducted by Osler and the Institute of Corporate Directors addressed the issue of board preparedness in situations of financial distress and revealed a surprising number of information gaps in board oversight practices. These results are analyzed in a new report, Financial distress – The board’s role.

Download the report to learn more about these concerning information gaps and how boards can better prepare to deal with financial distress by taking a number of steps while the organization is still solvent, including:

  • Working with management to identify regular reporting metrics
  • Developing a financial distress plan
  • Understanding the options available to an organization in financial distress

In these uncertain times, advance planning leads to more opportunities to manage financial distress and better outcomes for the organization.

Financial distress – The board’s role

Download the report