FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Do I have to give up being a director in a non-profit?

With a job loss and some mounting credit card debt I am considering whether I may have to declare personal bankruptcy.
I understand if I do declare bankruptcy I cannot be a director of a company. I am on the board of directors of a community-based not-for-profit group. Would I have to resign from this board?
Thanks. Great site. Very informative.

Posted from: British Columbia

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One Response to “Do I have to give up being a director in a non-profit?”

A licensed trustee said...

Unfortunately, you will have to step down while you remain an undischarged bankrupt. The Business Corporations Act doesn’t differentiate between profit and not-for-profit corps in this area.