Who is a Licensed Insolvency Trustee?
A Licensed Insolvency Trustee is an individual authorized by the Canadian federal government to oversee bankruptcy and consumer proposals in the country. This role falls under the supervision of the Office of the Superintendent of Bankruptcy (OSB), a department within Industry Canada.
According to the OSB website, the key responsibilities of a Trustee include:
- Evaluating the debtor’s situation and advising on possible solutions;
- Creating official documentation for filing with the OSB and notifying creditors;
- Confirming the authenticity of creditors’ claims;
- Ensuring that debtors receive mandatory counseling and access to mediation services if disagreements arise over any required income contributions;
- Selling the debtor’s assets, excluding those protected by provincial and federal laws, and holding the resulting funds in trust for distribution to creditors;
- Overseeing the administration of the bankrupt estate from start to finish;
- Evaluating the debtor’s behavior prior to and during bankruptcy, as well as identifying the causes of the bankruptcy.
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