Guide-for-Nonprofit-Organizations-Bankruptcy-Issues-FINAL-with-ads

GUIDE TO BANKRUPTCY ISSUES FOR ILLINOIS NONPROFIT CORPORATIONSThe bankruptcy process is very complex. This Guide is intended for use by nonprofit boardmembers, officers, executive staff and other non-lawyers who need to understand theimplications of bankruptcy proceedings for Illinois nonprofit organizations. This Guide seeks toexplain what is needed to prepare for bankruptcy, outline the bankruptcy process, identify keybankruptcy concepts, and highlight special considerations for nonprofits contemplatingbankruptcy.TLP recognizes that some organizations know they are close to liquidation, while others are stillexploring the possibility of restructuring their organization’s debt. While this Guide can beread from the beginning to end, its structure is meant to allow readers to pick chapters andsubchapters that apply to their specific situation.Where possible, we recommend that a nonprofit board considering bankruptcy or involvedin bankruptcy proceedings consult with an attorney, accountant and other advisors to ensurethat the general rules and concepts discussed in this Guide are appropriately applied in thespecific circumstances. The information provided in this publication should not beconsidered legal advice.4