Who is the Official Receiver?

Official Receiver

The Official Receiver in Bankruptcy in Ontario

If you become bankrupt, an employee of the Office of the Superintendent of Bankruptcy in Ontario called the ‘Official Receiver’ may contact you. Their main role is to supervise Licensed Insolvency Trustees as well as examine the bankrupt if there is an indication that the bankrupt has not properly disclosed all information relating to their affairs.

The Official Receiver is a civil servant and an officer of the bankruptcy court. They have offices in Toronto and throughout Ontario their main duties in your bankruptcy are to assist your Trustee to:

  • collect and protect your assets (property, possessions, shares) for your creditors
  • write a report on the cause(s) of your bankruptcy
  • obtain your discharge from bankruptcy

Contact Rumanek & Company Ltd. for more information on bankruptcy in Ontario and debt solutions. Please fill out the bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome bankruptcy in Ontario and debt for more than 25 years.  

Collection Agency Problems

Collection Agencies ProblemsCollection Agency Problems

  1. A collection agency in Ontario is generally a company hired by a creditor, such as a bank or a dentist, to obtain payment for a debt owed to them.
  2. Collection agencies are required to contact you first by regular mail and then wait six days before they can contact you by phone or in person.
  3. According to the Collection Agencies Act (Ontario), collectors are only permitted to contact you (either speaking to you, leaving a message, or emailing) 3 times in a seven day period. If you don’t answer the phone, and they don’t leave a message, they can call you as often as they like, on Sundays between 1 pm and 5 pm, and on other days between 9 am and 7 pm.
  4. Sometimes, the collector has purchased the debt outright, and is acting on its own behalf. If this is the case, the provincial legislation does not apply to them (at least in Ontario).
  5. The best way to deal with a collection agency in Ontario is to make arrangements to pay what you owe, in full or in part.
  6. If you are unable to make arrangements to pay, it is time to contact a non-profit credit counselling agency or a Trustee in Bankruptcy for help.

Contact Rumanek & Company Ltd. for more information on bankruptcy in Ontario and debt solutions. Please fill out the  bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome bankruptcy in Ontario and debt for more than 25 years.  

Income Tax Debt and Bankruptcy

Income Tax Debt and BankruptcyIncome Tax Debt and Bankruptcy

Lawrence owed a large sum of income tax according to his tax assessment and he had difficulty making payments.  Canada Revenue Agency had been charging him penalties and interest on overdue taxes and it was out of control. His child tax and HST credits were also put on hold.  Lawrence was unable to make payments due to a combination of factors such as a decrease in hours at work and a sudden sickness in the family.

He contacted Rumanek & Company to help him consider possible options such as a Consumer Proposal. A debt to Canada Revenue Agency is a debt that needs to be addressed immediately before they garnishee your bank account or wages.  Taking back control of your finances is the first step to not only decreasing stress in your life but also improving your family life.

Contact the Office of the Superintendent for more information.

Bankruptcy and Insolvency Act (BIA)

Bankruptcy and Insolvency ActTreatment of the Ontario Trillium Benefit under the Bankruptcy and Insolvency Act / Application de la Loi sur la faillite et l’insolvabilité à la Prestation Trillium de l’Ontario

The Office of the Superintendent of Bankruptcy (OSB) has published a position paper on the treatment of the Ontario Trillium Benefit (which will combine the Ontario Energy and Property Tax Credit, the Northern Ontario Energy Credit and the Ontario Sales Tax Credit) under the Bankruptcy and Insolvency Act.

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Le Bureau du surintendant des faillites (BSF) a publié un exposé de position concernant l’application de la Loi sur la faillite et l’insolvabilité à la Prestation Trillium de l’Ontario (qui réunit le crédit d’impôt de l’Ontario pour les coûts d’énergie et les impôts fonciers, le crédit pour les coûts d’énergie dans le Nord de l’Ontario et le crédit de taxe de vente de l’Ontario).

Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.