Trustee in Bankruptcy

September 21, 2010  |  bankruptcy

The Trustee in Bankruptcy

A Canadian trustee in bankruptcy is an insolvency specialist, licensed under the Bankruptcy and Insolvency Act, who can administer and manage both bankruptcies and consumer proposals.

The job of a trustee is a combination of counseling, negotiation and administration. The trustee works closely with both the individual that is bankrupt and their creditors, to ensure that the rights of both are protected.

A trustee in bankruptcy can be both an individual and a corporation. Many licensed trustees, even if they work alone, incorporate themselves.

There are hundreds of trustees in Canada who have completed mandatory training and received licensing from the superintendent of bankruptcy. Just like in bankruptcy law, trustees are governed by the bankruptcy and insolvencies act.

Filing Bankruptcy

In order to file bankruptcy in Canada or make a consumer proposal, you must obtain the services of a licensed trustee. A trustee, in addition to filing insolvencies, also administers the paper work, liquidation of assets, debt counseling and negotiations involved in bankruptcy and consumer proposal.

If you or someone you know is thinking about bankruptcy, please contact a professional.

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