Important information about Licensed Insolvency Trustees
A Bankruptcy Trustee (now called a Licensed Insolvency Trustee) is a person licensed by the Superintendent of Bankruptcy to administer proposals and bankruptcies and manage assets held in trust. The trustee can give a debtor information and advice about both the proposal and bankruptcy processes and make sure that both the debtor’s rights and the creditor’s rights are respected.
A person must use a Trustee to go bankrupt. However, Trustees serve other duties as well.
A Licensed Insolvency Trustee can serve as a professional debt consultant, give debt counselling, and help make agreements with the creditors to whom you owe money.
Another duty of a Trustees is to make proposals on your behalf to your creditors.
In the case of you requiring legal help your Trustees can refer you to the right insolvency lawyer.
Your Bankruptcy Trustee (LIT) can also tell you when you can avoid bankruptcy.
Licensed Insolvency Trustees are professionals who have a strict code of ethics and are regulated by the Canadian government. Licensed Insolvency Trustees fees are also controlled by the government.
Our Licensed Insolvency Trustees are well trained professional debt consultants who must pass a bankruptcy course, have a university degree and must pass an RCMP investigation before they can receive their trustee license.