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A school goes bankrupt !!!

This isn't the first time that this has happened, but a private school in the northern suburbs of Melbourne has just gone into voluntary administration.


Voluntary Administration is a process where an insolvent company is placed in the hands of an independent person who can assess all the options available, and generate the best outcome for a business owner and for creditors.


This school was a private school, which charged students thousands of dollars per term tuition fees. A number of factors are deemed responsible for the collapse of this school, the pandemic being the prime reason.


Whilst it is a school in Melbourne, Australia, the lessons are there for any school administrators. Apart from teaching, curriculum, student welfare, etc are critically important, prudent financial management is just as equally or even far more important in this case for the viability of any school.


A sad story indeed.


https://www.theage.com.au/national/victoria/covid-contracts-and-bitter-feuds-why-a-kilmore-school-collapsed-20220729-p5b5rk.html




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