Well for whats it worth - any elder who went bankrupt would at the very least have a cloud over his head and until proven otherwise ( guilty until proven innocent rule ) might have to stand down.
But let's be reasonable here - many businesses in Australia have recently gone under because of massive natural disaters wiping out whole towns and shopping centres. If one was to loose it all in such an event and still have no way of paying out a loan to the bank, nor claim their insurance cover - then the business owner would have no option but to file for bankruptcy.
You can't blame God or Satan for such disaster - its a sign of the times.
So to be fair to the elder in such a situation - he should not loose his position. It's a very different matter though If illegal activity was going on.
I went bankrupt about 6 years ago, after about 12 months of running a retail store. The owner was a member of the Christian Buisnessman's Association. He had been fiddling the books and the Buisness Activity Statemnets for the tax office, paying staff cash in hand, etc. I paid a quarter of a million for the buisness out of my own money - as I could not get a loan because of previous unemployment. I inherited the money from my parents who died.
In so doing, I also had a non-witness manager whom I kept on, which knew the business history well, and latter found him stealing from the business unbeknowns to me at the time. Many of the problems of the buisness were not obvious for many month after purchasing it and by that time it was too late to rectify. Also many of the original owners customer base were his church members which went with him after he sold me the business.
I had the money to avoid bankruptcy and pay out my creditors but it was tied up in superannuation I could not touch for at least 15 years - so I was forced into a corner, despite trying to trade out of debt. In my case, I got screwed and cannot do anything legally to get compensation. If I was an Elder in such a situation I would not remove him, yet if the previous owner was an Elder he should be disfellowshipped.
That's my 2 cents worth. To the average JW I would be bankrupt because I left Jehovah and he removed his holy spirit out of my life and so I deserve what I get.
To the original owner - Jesus helped him sell the business and as I was to him a non-christian, I would be of satan's seed and worth ripping off.
Either way - your dammed if you do, and dammed if you dont !
