president of incorporated non profit organization
I was wondering if I am president of a non profit organization that is incorporated (i.e. a child’s soccer league) and I claim bankruptcy in Canada is this postion affected…must I resign? Would the same be true for a consumer proposal ?
You may not serve as a director of a corporation (not-for-profit or otherwise) if you file an assignment. No such restriction exists for persons that file a proposal.
From a practical standpoint, you should disclose your financial difficulties to the board and offer your resignation – if they decide to keep you on then at least they have done so with full knowledge of your financial state.
If you don’t disclose it up front and they find out about it some other way then you’ll likely create a “scandal” of sorts and people will be less likely to respond favourably.
It’s your decision, but if this organization is important to the community then you owe it to them to “up front and honest”.