I have been watching this sad tale with interest and there are lessons for all of us who are members of not for profit clubs to learn.
Do attend your club AGM.
Question the auditors again and again if you are not happy with the way you think things should be run financially.
Check the monthly debtors/creditors
Dont start pointing fingers after the event, get stuck in.
Dont just pay your subs do bugger all and when it goes tits up
whinge,its just as much your fault for your prior apathy.
Do your sums earlier.
Being just a simple chap £200K debt approx 500 members =£400 per member loan/donation/additional sub = No debt= Solvent club and no administration.
Not everyone would want to contribute £400 but proper diligence would have noticed things going pearshaped long ago and a much lower levy could have been raised.
A hard lesson but it seems to me the members failed themselves.