Licensed Insolvency Trustee British Columbia
*Federally Licensed and Regulated*
D. Thode & Associates Inc., Licensed Insolvency Trustees
A Licensed Insolvency Trustee (“LIT”), formerly known as a Trustee in Bankruptcy or a Bankruptcy Trustee, is a federally regulated professional who is licensed by the Office of the Superintendent of Bankruptcy (“OSB”) to administer federally legislated debt solutions including Bankruptcy or Consumer Proposals.
Insolvency Trustees across Canada must meet certain qualifications to obtain their license which include being of good character and reputation, being solvent, successfully completing the qualification program, passing the national insolvency exam, passing an oral board examination, passing the insolvency counsellor’s qualification course, and obtaining a minimum of 2,400 hours of insolvency experience while they are in the program.
Differences Between a
Licensed Insolvency Trustee and Debt Consultant
Licensed Insolvency Trustees are required to properly assess the debtor’s situation, explain their alternatives and choices, and assist in choosing the appropriate option pursuant to the Bankruptcy and Insolvency Act.
Debt Consultants inaccurately claim that "Trustees work for the creditors."
In fact, LITs have a requirement under the Act, that Trustees shall be honest and impartial. They shall provide interested parties with full and accurate information as required by the Act and with respect to the professional engagements of the Trustees.
Licensed Insolvency Trustee Regulations
Licensed Insolvency Trustee’s (“LITs”) are federally regulated professionals who provide information and services to individuals and businesses who are experiencing financial difficulties. LITs are licensed by the federal government to administer the debt relief options available through various legislation including the Bankruptcy and Insolvency Act. The LIT is responsible to file, manage and monitor the filings made under the Bankruptcy and Insolvency Act such as Bankruptcies or Consumer Proposals.