Licensed Insolvency Trustees<\/em><\/strong><\/summary>\nLicensed Insolvency Trustees are the one type of debt professional that has the authority and knowledge to help both individuals and businesses with legal debt solutions including Consumer Proposals and personal bankruptcy.<\/p>\n\n\n\n
In order to qualify as a Licensed Insolvency Trustee, a rigorous multi-year course of study demonstrating comprehensive knowledge and proficiency in applying insolvency and related insolvency laws must be successfully completed, followed by several examinations and an independent Board review. Once these qualifications have been met, the Federal Superintendent of Bankruptcy grants a license to practice as a Licensed Insolvency Trustee.<\/p>\n\n\n\n
All licensing, fees and regulation of Licensed Insolvency Trustees is overseen by Industry Canada, through the Office of the Superintendent of Bankruptcy, the Federal Government body overseeing all Licensed Insolvency Trustees.<\/p>\n\n\n\n
Licensed Insolvency Trustees are audited each year by the Office of the Superintendent of Bankruptcy. This helps to ensure debt professionals maintain high standards of professional practice, complete transparency to these processes, and adherence to laws.<\/p>\n\n\n\n
Currently around 1,000 debt experts across Canada hold the designation of Licensed Insolvency Trustee.<\/p>\n<\/details>\n\n\n\nEstate Managers<\/em><\/strong><\/summary>\nSometimes referred to as Insolvency Administrators or Insolvency Estate Managers, these debt professionals play an integral part in assisting consumers and businesses with debt solutions.<\/p>\n\n\n\n
When a person files bankruptcy or a Consumer Proposal, the official process and filing becomes known as an \u201cinsolvency estate\u201d.<\/em><\/p>\n\n\n\nIn order to become qualified as an Estate Manager, candidates must be officially sponsored by a member of the Canadian Association of Insolvency and Restructuring Professionals \u201cCAIRP\u201d and successfully prove competence in administration and understanding of the Bankruptcy and Insolvency Act <\/em>and proper handling of insolvency estates and working in an insolvency environment.<\/p>\n\n\n\nEstate Managers working with a Licensed Insolvency Trustee may be accredited to provide key debt help components to individuals and businesses such as: debt consultations and debt assessments, financial counselling sessions, facilitating Consumer Proposal and bankruptcy administration, with the Licensed Insolvency Trustee being the final authority and responsible party.<\/p>\n<\/details>\n\n\n\nQualified Insolvency Counsellors<\/em><\/strong><\/summary>\nMuch like Estate Managers, Qualified Insolvency Counsellors work with Licensed Insolvency Trustees to provide financial counselling sessions. Insolvency Counsellors are only permitted to counsel clients after they have successfully completed a specialized course through the Canadian Association of Insolvency and Restructuring Professionals and performed at least one hundred hours of supervised counselling over at least a 12-month period of observation and evaluation. Many Qualified Insolvency Counsellors are also Estate Managers.<\/p>\n\n\n\n
As part of a Consumer Proposal or bankruptcy process, two financial counselling sessions will be provided. This gives the person an opportunity to learn new money management techniques, credit warning signs, and steps on how to rebuild their credit.<\/p>\n\n\n\n
These two credit counselling sessions may only be conducted by a Qualified Insolvency Counsellor who is registered with the Office of the Superintendent of Bankruptcy.<\/p>\n<\/details>\n\n\n\n
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