Lisburn Distillery chairman Jim McGrory has resigned along with several board members as the club faces a winding-up petition over a large rates bill.
It is thought the Carling Premiership club are due to appear in court at the end of January in relation to rates arrears of £65,000 dating back to the turn of the Millenium.
Whites manager Tommy Wright has vowed to stay on at the club, but its future is thought to be in serious doubt.
The team is currently propping up the bottom of the Carling Premiership table.
© UTV News