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Alger & Associates personal bankruptcy services are
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Grant Thornton Limited

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Bankruptcy Calgary Edmonton Q&A Forum

Question:

 

I am on the board of volunteer not for profit organization that has been in existence in Calgary since 1994 but we have suffered a huge loss on our signature event in 2015 and don't believe we can pull out of this. How do you declare bankruptcy for a not for profit?


From:

 

Grant Thornton Limited

Date:

 

Dec 14, 2015

Answer:

 

Hi Jane, The directors of the not for profit organization will need to contact a Trustee in Bankruptcy for a consultation to discuss the bankruptcy process and the set up of the legal entity. If the directors have decided that a bankruptcy is the best course of action, the directors will need to pass a resolution to allow the company or organization to be placed into bankruptcy. Once the company is in bankruptcy the Trustee will deal with the assets and the creditors of the organization. Please contact our office to discuss the bankruptcy process or to schedule a no charge and no obligation consultation.

Susan Methuen
T 403-310-8888
susan.methuen@ca.gt.com

 

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