December 7th, 2010 by Questions
I am currently a volunteer with a local non-profit organization, I sit on their board and am considering personal bankrupcy. What are the implications, if any, regarding the effects of bankrupcy to this organization?
Posted from: Ontario
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December 08, 2010 at 9:52 am, A licensed trustee said:
Unfortunately, a perons may not serve as a director of a corporation or a not-for-for profit organization while they are an undischarged bankrupt. If you file bankruptcy then you must resign from the board.
You may want to consider a proposal instead of bankruptcy. Alternatively, you can still help this organization out – you just can’t serve on the Board during your bankruptcy.