Licensed Insolvency Trustees
E898894
Licensed Insolvency Trustees are federally regulated professionals in Canada authorized to administer bankruptcies, consumer proposals, and other formal debt relief processes for individuals and businesses.
Observed surface forms (1)
| Surface form | Occurrences |
|---|---|
| Licensed Insolvency Trustee | 0 |
Statements (48)
| Predicate | Object |
|---|---|
| instanceOf |
insolvency practitioner
ⓘ
profession ⓘ |
| authorizedTo |
act as proposal trustee
ⓘ
act as receiver under the Bankruptcy and Insolvency Act ⓘ act as trustee in bankruptcy ⓘ administer Division I proposals ⓘ administer bankruptcies ⓘ administer consumer proposals ⓘ administer formal debt relief processes ⓘ |
| canUseTitle | LIT ⓘ |
| country | Canada ⓘ |
| distinctFrom |
credit counselling agencies
ⓘ
unlicensed debt consultants ⓘ |
| formerlyKnownAs | Trustee in Bankruptcy (Canada) NERFINISHED ⓘ |
| goal |
balance interests of debtors and creditors
ⓘ
provide orderly and fair debt resolution ⓘ |
| jurisdiction | federal ⓘ |
| languageAvailability |
English
ⓘ
French ⓘ |
| legalAuthority | Bankruptcy and Insolvency Act (Canada) NERFINISHED ⓘ |
| mayBe |
a corporate trustee firm
ⓘ
an individual practitioner ⓘ |
| monitoredBy | Office of the Superintendent of Bankruptcy Canada NERFINISHED ⓘ |
| mustComplyWith |
Bankruptcy and Insolvency Act Rules
NERFINISHED
ⓘ
Code of Ethics for Trustees ⓘ |
| operatesWithin | Canadian insolvency system ⓘ |
| provides |
creditor protection under the Bankruptcy and Insolvency Act
ⓘ
stay of proceedings for debtors through formal filings ⓘ |
| regulatingAuthority |
Innovation, Science and Economic Development Canada
NERFINISHED
ⓘ
Office of the Superintendent of Bankruptcy Canada NERFINISHED ⓘ |
| requires |
federal licence
ⓘ
good character assessment ⓘ passing national insolvency examinations ⓘ practical insolvency experience ⓘ |
| responsibleFor |
advising on insolvency options
ⓘ
filing bankruptcy documents with the court ⓘ holding meetings of creditors when required ⓘ monitoring compliance with proposals ⓘ notifying creditors ⓘ realizing and distributing assets ⓘ reviewing debtor’s financial situation ⓘ |
| serves |
business debtors
ⓘ
individual debtors ⓘ |
| subjectTo |
disciplinary proceedings by the Office of the Superintendent of Bankruptcy
ⓘ
professional conduct standards ⓘ |
| trainingIncludes |
accounting and finance
ⓘ
ethics and professional practice ⓘ insolvency law ⓘ |
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.