Rugby Australia is headed for insolvency, with serious questions raised over the management of the game by the board and its chief executive, Raelene Castle, according to one of the sport's most revered elders.

Former World Cup-winning captain, Nick Farr-Jones, has told The Ticket that with "ongoing concerns", the board must be wary of being "in breach of the Corporations Act".

"I wouldn't be surprised if an administrator was appointed in the next fortnight," he said.

It is understood that up to 15 former Wallabies captains have been discussing the future of rugby in Australia and are unified in their thinking that substantial change at the top is necessary.

Their discussions are ongoing and separate to RUPA's (Rugby Union Players' Association) frustrations with the governing body.

Incomplete financial records were finally shared with the players' association early on Saturday morning after being withheld by Rugby Australia for the past four weeks.

The financial information was delivered to RUPA along with a demand that the 192 players come to terms with Rugby Australia by 5:00pm on Sunday otherwise decisions would be made without the players' agreement.

Adding to speculation that RA's chief executive may be shown the door, RUPA chief executive Justin Harrison hinted midweek that there was a move against the current administration.

Up to 15 former Wallabies captains have united to raise questions about the leadership of the current administration. ( AP: Koji Sasahara )

"Look, we know that there are people who are willing and able to participate in a restructuring of the game itself," he told ABC NewsRadio.

"It is both reflective and forward-looking and ensuring that all of the stakeholders are involved in something that brings it back to a community-based, more encompassing model."

Harrison described the plans as a "pipeline of adventure" that would be considered once a player payment deal was struck for the duration of the coronavirus sporting hiatus.

"We'll need to entertain [that] once we get through what everyone's experiencing at the moment, which is extreme uncertainty and extreme adversity," he said.

Nick Farr-Jones says rugby has been in demise for several years. ( AAP: Paul Miller )

While several former Wallabies captains were approached by The Ticket, only Farr-Jones agreed to speak publicly about the current state of the game.

"I understand reserves are minimal … there're no games happening, we have no broadcasting deal and I think sponsors would see rugby as very much on the nose at the moment — so they're the three areas where you get your income," he said.

"As soon as they [Rugby Australia] cut a deal with the players, one would expect there'd be a liability that will crystallise and if I was sitting on the board … I would really be looking at the going concern issues.

"If you have going concern issues, and you don't want to breach the Corporations Act, well then you go into what's known as VA, or voluntary administration."

He said the game had been in demise for several years with responsibility for poor judgment to be shared by the board and the chief executive.

"Absolutely I think there has been some very poor board decisions, I think that executively the game has been very poorly managed," Farr-Jones said.

"You look at the sponsorship situation, you look at bums on seats and the declining viewership on TV which of course leads to issues in relation to how you can sell your broadcasting rights.

"You look at the judgment of the chief executive and the board in not accepting the Fox broadcasting deal and whether that's left us in this very precarious situation — of course there's responsibility.

"And you look at the abysmal way that Rugby Australia handled the [Israel] Folau case and got bullied by senior sponsors into making a very stupid decision and then you later — a long time later — read the lack of communication between teammates and coaches."

Fox commentator and former Wallaby captain Phil Kearns has been named as a likely replacement for Castle, a suggestion Farr-Jones says he would support.

"I think you need someone to come in who is a trusted pair of hands, who knows the game inside out, who is trusted by broadcasters, by sponsors, by fans — someone who can at least shine a bit of light down the tunnel," he said.

Kearns applied for the chief executive position in 2017 which ultimately saw Castle appointed, an appointment Nick Farr-Jones said the board got wrong.

"I really believe that you have to have a deep knowledge of the game to take on the role of chief executive," he said.

"You have to understand intricately who the people are in world rugby, intricately about the community game, and you can't be learning on the job.

"That was the mistake I think the board made, it was a very bad mistake, and Phil Kearns has got three and a half decades of being intricately involved in the game.

"He knows people, he's trusted by people, he's been in broadcasting for a long time and that is the most important thing — that Rugby Australia has to lock away a broadcasting deal — he would be great in securing sponsorship if he took over, and he'd be great with fans.

"We need bums on seats and we need the rusted-on rugby people who we've lost to come back to the game.

"It's going to take some tough decisions to get the culture of the game back, the rusted-on supporters back, and for people to have faith in the game."

RUPA and Rugby Australia are expected to meet at some stage on Sunday afternoon — essentially over the coronavirus pay deal — but with possible ramifications that will last well beyond the current pandemic.