Licenced Insolvency Trustee
INSOLVENCY TRUSTEE EDMONTON
Insolvency is the state of being unable to pay the money owed, by a person or company, on time; those in a state of insolvency are said to be insolvent. In accounting terms, your debits are higher than your credits. Bankruptcy is a legal state, that is an Assignment or an Order of Bankruptcy has been initiated.
What is a Licensed Insolvency Trustee?
- Formerly known as a Trustee in Bankruptcy, Must be licensed by the Superintendent of Bankruptcy.
- Court officer that oversees insolvency proceedings.
- Ensures your rights and your creditors rights are maintained.
- Reports to the Court.
- Office of the Superintendent of Bankruptcy, Government of Canada is the regulator and holds Trustee licenses.
- Often LITs are members of Canadian Association of Insolvency and Restructuring Professions, which is a national association. This LIT is a member.
- Abide by a strict code of conduct to explain all of your debt-relief options.
- Licensed and have their fees regulated by the federal government.
- The only professionals authorized to administer government-regulated insolvency proceedings.
- Highly trained and educated.
- A LIT must act honestly and fairly at all times in order to protect the rights of both debtors and creditors throughout the insolvency process.
- A LIT administers federally-regulated insolvency proceedings, such as consumer proposals and bankruptcies.
- A LIT is responsible for providing, or providing for, insolvency counselling. Insolvency counselling is solely for the benefit of you, the debtor.
Government-regulated insolvency options
In order for you to be discharged from your debt, you must complete the government-regulated insolvency proceedings. The only person authorized to administer insolvency proceedings is a Licensed Insolvency Trustee (LIT). It is against the law for anyone else to represent themselves as an LIT.
BIA Insolvency Counsellors
LITs are not allowed to register someone as a BIA Insolvency Counsellor if that individual is involved in activities that could have a negative impact on debtors. Additionally, a counsellor cannot be registered if they act as a go-between with debtors and LITs in exchange for payment or consideration from debtors.
Fees
Each in-person counselling session costs $85, payable to the LIT or counsellor. This service is federally regulated, which means you cannot be charged more. A counsellor cannot receive any other payment from an insolvent debtor, before, during or after counselling.
If you have filed for bankruptcy or made a consumer proposal under the BIA, it is important to remember that insolvency does not define you!
There is no shame in taking advantage of the BIA to resolve financial difficulties. Many Canadians are living paycheque to paycheque and over 100,000 people file a bankruptcy or a consumer proposal every year. The BIA is designed to promote a fresh start for those going through the insolvency process, and help prevent reoccurrence.
The Insolvency Counselling Program consists of four online modules. These modules will help you prepare for your two in-person sessions with your BIA Insolvency Counsellor (also known as your counsellor).
The program is part of the federally regulated insolvency proceedings. It aims to provide you with the right tools and knowledge to help you move beyond your insolvency.
The program will help you take control of your money and plan for a more financially secure future!
This is your opportunity for a fresh start!
The program is designed to help you!