Licensed Insolvency Trustee
A licensed insolvency trustee (formerly known as a ”bankruptcy trustee”) is an individual authorized by the Office of the Superintendent of Bankruptcy to administer bankruptcies, consumer proposals, and commercial proposals.
They are responsible for identifying, recovering, and distributing the assets of a business as part of a debt settlement process (or insolvency proceedings). A trustee typically holds a university degree in law, finance, or economics and has completed a specific program and obtained a certificate issued by the relevant authority.
Trustees also undergo continuous training and are held accountable by their professional body for the tasks they perform. The main responsibilities of a trustee include advising individuals facing financial difficulties, verifying claims, negotiating commercial and consumer proposals, halting seizures, and recovering available assets.
Additionally, they handle the realization of seizable assets to generate additional income. Therefore, they are responsible for restoring the financial solvency of individuals and businesses while ensuring that the interests of creditors are taken into consideration regardless of the outcome of the process.