The Office of the Superintendent of Bankruptcy Canada (OSB) is responsible for protecting the integrity of Canada’s insolvency system. Licensed by the Office of the Superintendent of Bankruptcy Canada, a Licensed Insolvency Trustee (LIT) is the only professional who is authorized to administer insolvency proceedings such as consumer and commercial proposals and bankruptcies pursuant to the Bankruptcy and Insolvency Act (BIA). (Per Office of the Superintendent of Bankruptcy Canada. Ministry of Innovation, Science and Economic Development Canada website.)
Therefore, if you find yourself in financial trouble and you have nowhere else to turn a Licensed Insolvency Trustee is your best option.
Licensed Insolvency Trustees can help you find the most appropriate action to get yourself out of debt. The Canadian government ensures that Licensed Insolvency Trustees:
- Have a solid base of knowledge and experience in the insolvency industry before they are eligible to apply for a license.
- Comply with the applicable legislation, regulations and directives, which protect the public.
- Are subject to ongoing oversight via regular reviews, audits and inspections and adherence to standards of practice pursuant to the (BIA) and its general rules including the Code of Ethics for Trustees.
- When compliance concerns arise, are subject to investigation and appropriate discipline, including possible license suspension, cancellation or other legal consequences.
- Have debt counsellers with superior standards of education and Licensing.
Knowing your options goes a long way to help settle your nerves and choose the best option for your personal financial situation.
When you schedule your first appointment, always confirm that all of your appointments will be with a Licensed Insolvency Trustee, and not with a junior staff. This is especially critical for your initial consultation.
A Borsellino Licensed Insolvency Trustee will explain the debt elimination process and possible options such as re-working your budget, consolidating your debt, selling assets, Creditor Proposal and application for Bankruptcy. Therefore, meeting with a Borsellino Licensed Insolvency Trustee is your best option. Someone trained and licensed to help people in financial trouble. Your Trustee will answer all of your questions and help you overcome your fear and frustration by offering to set up an acceptable, legal plan to get you out of debt.