The man nominated Monday night to stand as the federal Conservative Party candidate in a Vancouver-area riding says he was forced by the party to step down following revelations about his personal finances.

Dale Saip announced his resignation in Delta-Richmond East Thursday after published reports Wednesday that he had requested court protection from his creditors twice since 1993.

Saip told CBC News he had fully disclosed his past financial problems to the party prior to his nomination.

He said the party demanded his resignation once his history became public.

"The party decided it was too big of a distraction," said Saip. "That's their decision."

Saip was chosen in a meeting in the riding south of Vancouver to replace veteran MP John Cummins, who is retiring from federal politics.

Nomination process rushed

In 1993, Saip declared bankruptcy, leaving creditors with debts of $340,000.

He also filed a proposal with the B.C. Supreme Court in 2005 to pay the Canada Revenue Agency only part of the $90,000 in back taxes he owed.

Saip said he believes that the fact that the nomination meeting was held only about one week after Cummins announced his resignation allowed little time for scrutiny of documents he filed with the party.

"I'm not going to make excuses," he said. "[But] I think there were things that went up the wayside."

Saip was asked if he thought the process was rushed.

"Very rushed," he said.

The Delta-Richmond East Conservative riding association has not yet announced how it now plans to fill the nomination.