Office of the Superintendent of Bankruptcy
The Office of the Superintendent of Bankruptcy (OSB) is a specialized division under the Department of Innovation, Science and Industry of Canada. It is an administrative organization responsible for the oversight and management of bankruptcies and the corporate and consumer proposals.
Its main mission is to protect consumers in matters of bankruptcy and to balance the rights of creditors, debtors, and other stakeholders. It is the primary regulator tasked with administering the of financially distressed businesses and individuals by Licensed insolvency trustees.
Additionally, it ensures that these professionals are licensed in accordance with applicable provincial and federal laws. The OSB also monitors all licensed insolvency trustees, administrators, and agents responsible for administering properties affected by bankruptcy or voluntary proposals to ensure that these individuals properly carry out their profession in bankruptcy matters.