Licensed Insolvency Trustee (LIT)
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The Office of the Superintendent of Bankruptcy (OSB) has announced that starting this year Trustees in Bankruptcy will be switching to a new title, Licensed Insolvency Trustee (LIT)that better reflects the services we provide.
As the OSB is an agency of the Government of Canada this change affects all of those who are licensed by the OSB, including each of the Newfoundland Licensed Insolvency Trustees.
The Newfoundland and Labrador Licensed Insolvency Trustees are all based out of St. John’s, NL but serve the entire province.
In addition to bankruptcy, Licensed Insolvency Trustees also administer Consumer Proposals, act as Receivers, administer Division I Proposals for businesses and individuals and more.
To borrow an excerpt from this press release by the Canadian Association of Insolvency and Restructuring Professionals (CAIRP)
“CAIRP is committed to providing consumers with better information about the options offered by Licensed Insolvency Trustees to assist consumers and businesses in financial difficulty, and to clearly distinguish our members from unlicensed service providers.
“The work performed by Licensed Insolvency Trustees is critical to the efficient functioning of the Canadian economy,” said CAIRP President and Chief Operating Officer Mark Yakabuski.
“Thousands of Canadian consumers and businesses are able to make a fresh start because of the services that only these licensed professionals provide,” said Yakabuski.”
If you have any questions about this change please contact Sean Stack or for additional reference material:
Did You Know?
Many people who file for bankruptcy get to stay in their home.
In Newfoundland and Labrador, you can keep your RRSPs – even if you file for bankruptcy.
Many people who file for bankruptcy are able to keep their vehicle.
Most bankruptcies are NOT published in the newspaper.
Student loans can be included in a bankruptcy if they are more than seven (7) years old.
A consumer proposal is an alternative to bankruptcy that can only be filed with a licensed trustee in bankruptcy.