SODELPA Leader, Viliame Gavoka says the party has made arrangements with their creditors on how to pay off the debt that they owe and are in good hands.
This comes as the latest audited accounts of SODELPA has highlighted balance sheet insolvency.
According to the audit report for the year ended 31st December 2022 signed off by I.Naiveli and Co, the auditors say there is uncertainty with SODELPA generating adequate cash flows to meet all its commitments and obligations as and when they fall due.
The audit report says SODELPA incurred significant payables in the recent months.
During the year ended 31st December 2022, SODELPA incurred liabilities to the amount of $297,431.
The total liabilities exceed total assets resulting in net deficiency in assets of $251,685.
The audit report says the current liabilities exceed the current assets by $312,997.
Gavoka says the creditors have agreed to the payment plan that the party has outlined.
