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Precipitating cause of the bankruptcy

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Reference no: EM132895535

Read the following scenario and then answer the questions that follow.

In 2012, XciteLogic-an information and communication services firm based in Perth, Australia-won a Rising Star Award and, during the next year, the company grew by an unprecedented rate of 600 percent. The number of employees surged from 22 to 105 during that same period. Imbued with confidence about their strategy for growth and believing that this surge in growth was an indicator of the type of future growth they might experience, the founders gambled on developing an education-based software business separate from its consultancy. Then in 2013, to everyone's surprise, the company suddenly entered bankruptcy proceedings owing about $4 million to unsecured creditors like Apple and HP. Half the employees lost their jobs.

What appears to be the precipitating cause of the bankruptcy?

What is the biggest takeaway or lesson learned from this story?

Reference no: EM132895535

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