The 3 Best Licensed Insolvency Trustees in Vaughan [2024]

If you’re a creditor, recovering money in an insolvency situation will involve lodging a proof of debt with the appointed trustee. Once the trustee sells the debtor’s assets, the funds will be distributed among the creditors. Please note that it’s not always possible to recover the full amount owed, as it depends on the debtor’s assets and the number of creditors involved.

The monthly cost of a bankruptcy can vary greatly depending upon individual circumstances such as income, family size, and whether it’s a first or subsequent bankruptcy. In Canada, there are federal guidelines that help determine how much a bankrupt is required to pay each month. If your situation is complex, it may be worth speaking to a Licensed Insolvency Trustee for more specific advice.

To become a Licensed Insolvency Trustee in Canada, you must complete a rigorous training and certification process overseen by the Office of the Superintendent of Bankruptcy Canada (OSB). This involves passing a series of exams, completing a period of practical work experience, and then passing a final oral board exam conducted by the OSB.

A Licensed Insolvency Trustee (LIT) is a professional who is licensed by the Superintendent of Bankruptcy to administer insolvency proceedings, such as bankruptcies and consumer proposals. They work with both individual and commercial clients, offering advice and solutions for debt relief. LITs are the only professionals in Canada who can administer federally regulated insolvency proceedings.