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Financial distress – The board’s role

Author(s): Mary Paterson, Andrew MacDougall, Marc Wasserman

Nov 19, 2019

Financial issues are often symptomatic – if not the direct cause – of organizational failure. Being on the board of a company means being not only alert to the signs of potential financial issues but also ready to take prompt action.

A recent 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

Advance planning can lead to more opportunities to manage financial distress and better outcomes for the organization.

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Financial distress – The board’s role

View the media coverage

Canadian Lawyer — November 21, 2019

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