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The Role of a Licensed Insolvency Trustee (formerly Trustee in Bankruptcy)

A Licensed Insolvency Trustee (formerly known as a Trustee in Bankruptcy or Bankruptcy Trustee) is the only professional licensed and regulated by the Canadian federal government (Office of the Superintendent of Bankruptcy Canada) to perform services in the Bankruptcy and Insolvency Act, such as bankruptcies and consumer proposals. A Licensed Insolvency Trustee (LIT) also provides advice to individuals and businesses on options for managing debt problems.

Why choose a Licensed Insolvency Trustee?

Licensed Insolvency Trustees (LIT) are the only professionals authorized to offer solutions that can discharge you from your debt, like consumer proposals and bankruptcies.

Here are some more reasons to choose a LIT like Grant Thornton if you are experiencing financial difficulty:

  • Collection action and legal proceedings will stop when you file with us.

  • Your first consultation is free, confidential and there is no obligation to file.

  • You can file a consumer proposal.

  • You can file a bankruptcy.

  • We are federally licensed.

  • We are federally regulated.

  • Our experience and education are assessed by the government.

  • Our fees are regulated.

  • There is a formal complaint mechanism.

  • Financial counselling is provided.

LITs are subject to ongoing oversight by the OSB and must adhere to federal standards of practice, including the Code of Ethics for Trustees.

If you have a difficulty with a LIT that you cannot resolve, you may file a complaint with the OSB.

 

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© 2017 Grant Thornton Limited, Licensed Insolvency Trustees. All rights reserved.


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