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We do a detailed research on all services we review in GTA.

The 5 Best Licensed Insolvency Trustees in Toronto [2024]

Finding financial stability in Toronto? Consider our five top-rated Licensed Insolvency Trustees, each skilled in offering effective solutions and advice for managing your financial obligations.

In search of more financial services in the Greater Toronto Area? Check out:

The 3 Best Financial Planners In Brampton
The 5 Best Mortgage Brokers in Markham
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The 3 Best Real Estate Brokerages in Oakville

Regain control over your finances. Consult one of the top Licensed Insolvency Trustees in Toronto today!

1) Hoyes, Michalos & Associates

Promising a future free from crippling debts, Hoyes, Michalos & Associates assists its clients in tailoring efficient personal debt management plans. Known for their compassionate and understating approach, they ensure a well-guided, feasible path towards financial independence.

Business Information:

8 King St E #200, Toronto, ON M5C 1B5

Customer Review:
“Great place and great people. Everyone there is extremely helpful and responsive. There’s no judgment and they all make you feel comfortable. It’s amazing to have such good support from the team when looking to relieve yourself of the overwhelming financial stress from debt. They make the process easy, simple, fast. It wasn’t complicated at all. 5 out of 5, great service!”

2) Sheriff Sole & Madej Inc

With a well-established reputation in Toronto, Sheriff Sole & Madej extend their expertise in managing insolvency. They help individuals regain financial control through realistic and sustainable solutions.

Business Information:

2001 Sheppard Ave E Suite 120, Toronto, ON M2J 4Z8

Customer Review:
“Highly recommend connecting with Sheriff Sole & Madej Inc to get on top of your debt! Their counsellors are empathetic and supportive.”

3) David Sklar & Associates

David Sklar & Associates is a team of qualified experts ever ready to ease their clients’ financial burden. They provide comprehensive services, including consumer proposals and personal bankruptcy solutions, to deliver peace of mind to those dealing with debt.

Business Information:

100 King St W Suite 5700, Toronto, ON M5X 1C7

Customer Review:
“Good experience. I was treated well in a very professional manner. Cori Naron discussed and explained everything very well to me, in order to have a fresh start. Thanks to her.”


Renowned for their integrity and transparency, MORATAYA Corp specializes in bankruptcy, insolvency, and restructuring services. They’re devoted to helping individuals and businesses address their financial crises through practical solutions.

Business Information:

33 City Centre Dr Suite 578, Mississauga, ON L5B 2N5 

Customer Review:
“I am happy with the service that Morataya Corp, offers. My daughter in law found it for me. They are not just professionals, but very well mannered people, who make you feel very confortable and confident. It was a pleasure to meet them and find a solution for my debt. I definitely recommend them to any body who need assistance with a debt.”

5) Fong & Partners Inc.

At Fong & Partners, the focus is on empowering clients with knowledge and guidance. They work diligently to steer their clients away from the distress of debt, aiding them in comprehending and navigating insolvency laws for their financial advancement.

Business Information:

2 Carlton St Suite 1006, Toronto, ON M5B 1J3  

Customer Review:
“I highly recommend Fong & Partners! Victor took the time to carefully review my financial situation and made me feel confident that he was going to help me. I've very happy with the level of professionalism I experienced.”
FAQs About Licensed Insolvency Trustees

In Canada, insolvency refers to the inability to meet one’s financial obligations as they become due. It could mean that you’re unable to pay your mortgage, credit card bills, and other debts. Insolvency could lead to filing for bankruptcy, which is a legal process that provides financial relief to individuals or businesses that no longer can pay their debts.

When you claim insolvency, you’re essentially stating that you are unable to pay your debts as they’re due. In Canada, this typically leads to two main routes: filing a consumer proposal or declaring bankruptcy. A licensed insolvency trustee will guide you in determining the best course of action based on your financial situation. The process aims to provide you relief, whilst treating creditors equally.

There are four primary types of insolvency: cash-flow insolvency, balance-sheet insolvency, legal insolvency, and technical insolvency.

  1. Cash-flow insolvency: This happens when an individual or company doesn’t have the means to pay off their short-term debts.
  2. Balance-sheet insolvency: This is when a person’s or company’s total debts exceed their total assets.
  3. Legal insolvency: This type of insolvency arises when the total amount of an entity’s debt exceeds the total fair market value of all of its assets.
  4. Technical insolvency: This is a situation where a company or individual has the assets to cover debts but lacks the appropriate form of payment—they cannot convert these assets to a form that enables them to settle their obligations.

When insolvency is claimed, the treatment of the debt depends on whether bankruptcy is filed or a consumer proposal is made. In a bankruptcy, assets could be sold to pay back creditors, and any remaining unsecured debts are generally discharged. In a consumer proposal, you work with a Licensed Insolvency Trustee to negotiate a payment plan with creditors to pay a portion of what is owed. This prevents the need to sell assets. After completion of the proposal terms, the remaining unsecured debt is discharged. In both scenarios, they provide legal protection from debt collectors.

Final Thoughts

Dealing with debt doesn’t have to be a one-person struggle. These trustworthy Licensed Insolvency Trustees in Toronto are committed to helping individuals who find it hard to manage their financial obligations. By seeking their advice, you’ll gain a roadmap towards financial relief, debt settlement, and ultimately, peace of mind.