Did Northcott Theatre's board act too quickly?

guardian.co.uk: "So here we go again. Another regional theatre – this time the Northcott in Exeter – faces an uncertain future after the board voted late on Wednesday night to put the theatre into administration. Clearly trustees take the risk, and therefore must be the people to decide whether it is viable to continue (companies are not allowed to trade while insolvent), but – as with Bristol Old Vic and Derby before it – this could be another instance of a board acting in haste and leaving everyone else repenting at leisure."