Requirements to Process a Bankruptcy
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.
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