What is a Licensed Insolvency Trustee?

  • By Jillian Taylor-Mancusi

what is a licensed insolvency trustee

In today’s complicated financial world, it’s can be reassuring to know that there are well educated and reputable professionals that can help you solve your money problems.  A licensed insolvency trustee is one of these professionals, but who and what are they?  How do you know your Trustee is trustworthy?

 

What is a Licensed Insolvency Trustee ?

A licensed insolvency trustee is a specially trained financial professional whose job is assisting individuals and families going through financial problems. A licensed insolvency trustee provides many services, all under the supervision of the Office of the Superintendent of Bankruptcy Canada (OSB).

The OSB ensures that insolvency laws are properly upheld and that both lenders and the public are fairly treated under the law. The OSB licenses licensed insolvency trustees and provides specific guidelines for them to follow.

What does a Licensed Insolvency Trustee trustee do?

Despite their name, a licensed insolvency trustee does more than file the paperwork necessary to declare bankruptcy. They act as financial counselors, providing the initial counseling sessions required by law. These counseling session help debtors identify what went wrong and possible solutions.

Trustees supervise bankruptcy filings from the first counseling session through bankruptcy discharge.

This includes a taking charge of the bankrupt’s possessions and selling them.  Proceeds are then used to pay off creditors. Trustees also collect surplus income payments.

When handling a consumer proposal, a Licensed Insolvency Trustee helps draw up a proposal and negotiate with creditors.

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How does a trustee become a Licensed Insolvency Trustee ?

Many trustees come from an accounting background, but in order to obtain licensing from the OSB, would-be trustees need to undergo a rigorous training program and sit for licensing exams.

All trustees undergo a very specific training program, which helps them prepare for the necessary exams. This training is called the Chartered Insolvency and Restructuring Professional Qualification Program. The coursework covers the Bankruptcy and Insolvency Act (BIA), administering the BIA, personal Insolvency, interviewing, counseling, and money management.

Once training is completed, trustees are required to pass an exam and perform 100 hours of supervised professional counseling.  Trustees need to uphold the rules of the BIA and the Office of the Superintendent of Bankruptcy in order to retain their licensing.

Financial difficulty is stressful enough.  Finding a reputable professional to help with those financial problems shouldn’t add to that stress.  When you work with a licensed insolvency trustee, you know you are working with a knowledgeable and reputable professional that will ensure the best available solutions to your unique situation are provided and explained.  Your trustee is a trustworthy debt solutions specialist that can help you end your financial difficulty and get a fresh start.

So, if you have reached the end of your rope with your bankruptcy and insolvency search it may be time to see a professional. Set an appointment with one of our Licensed Insolvency Trustees who can guide you through the bankruptcy laws in Canada.

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