For somebody associated with a business whose owner has just...

For somebody associated with a business whose owner has just announced that he has "no reserves" and must whack customers with a $3 per month surcharge in an attempt to stay alive, you are a tad too willing to discuss balance sheets...

EFTel's receivable are about half of its current assets. EFTel's current liabilities include over $2M in unearned revenue ("deferred revenue"). Cash and receivables enjoy near-term (or immediate) availability. "Current" liabilities include all debts due and payable within twelve months. That is the fundamental reason why a business may have a current ratio of less than 1 and be perfectly solvent.

iiNet reports $38M of current assets, of which $20M is receivables (i.e. around half) and $9M is "pre-payments" (unearned revenue). Only $9M is cash.

Current liabilities are $78M, around double the current assets, and around 8 times cash.

I don't suppose anybody thinks that iiNet is on the verge of insolvency, despite having double the current liabilities of its current assets.