Are you searching for details on how to become a Licensed Insolvency Trustee of Montreal? Are you aspiring for it? We will help you to understand the process and the responsibilities a licensed insolvency trustee should bear.
Under the bankruptcy and insolvency act, only the superintendent of bankruptcy has the power to issue license to the agents who are willing to become the licensed insolvency trustee.
Therefore, it’s fully the superintendent of bankruptcy’s decision to provide the license or decline the request basis the eligibility of the candidate.
Hence, it is important to understand the criteria to become one!
Are You Eligible?
There are few eligibility parameters which should be fulfilled to become a licensed insolvency trustee or bankruptcy trustee Montreal. These parameters are listed below
- Should not be insolvent in the last 5 years
- Should bear a good moral and character with no criminal record
- Should have cleared qualification program (CQP), the chartered Insolvency and Restructuring Professional (CIRP) and the insolvency counselor’s qualification course or the practical on insolvency counseling
- Should have cleared the oral exam
- Agent should have a degree of Canadian university or 5 years of experience in bankruptcy
Basis the above eligibility, license can be issued to the candidate so that he/she can become a licensed insolvency trustee and can provide financial services and consultation to the business, individual having debt issue.
Let’s discuss it together!
Mandatory Criteria to Become Licensed Insolvency Trustee
1. Competency based national insolvency examination
Candidates who have cleared this examination will receive an e-mail invitation to submit the OSB License Administration Application (OLAA) form for the license via link. The e-mail will have the instruction and the process of submitting the form. You can submit the request of licensed electronically by following the link.
2. Oral Exam
It is conducted by the superintendent of bankruptcy. To apply for oral exam candidate need to apply online to attend the oral exam invitation. This is a mandatory step for the candidates who are aspiring to become Licensed Insolvency Trustee.
3. Chartered insolvency and reconstructing professional qualifications program (CIRP)
The Canadian Association of insolvency and reconstructing Professional will have the full authority for the CIRP.
Till now you have gone through the eligibility criteria which will help you to become a licensed insolvency trustee.
And now, let’s find out that if you become one, how valuable you will be!
Benefits of Licensed Insolvency Trustee
You can file for bankruptcy in Canada only when you are insolvent and have more than $1,000. It is not necessary that if you are fulfilling the criteria then you should file the bankruptcy, for best financial consultation.
You should get in touch with a licensed insolvency trustee for guidance on the available options as per the government guidelines.
With that being said, lets find out some more benefits of Licensed Insolvency Trustee
1. They are the best legal advisors for bankruptcy and insolvency
They directly deal with government regulated insolvency process. They are the only licensed and registered individuals who will help you with debt settlement process. The individual who are in debt and are unable to pay off, should definitely consult a Licensed Insolvency Trustee.
2. They are knowledgeable and skilled
These insolvency trustees have immense knowledge of their field and will guide you well in the financial cases. They have cleared the examination and have been awarded the license. Consulting them is the best and safest thing one can do.
3. They will deal directly with the creditors
On filing the bankruptcy, licensed insolvency trustee will directly deal with the creditors. You simply have to file and rest they will do on your behalf
4. No extra fees or charges to Licensed insolvency trustee
All the charges and fees are fully governed by federal government. The minimum cost for filling bankruptcy is approximately $200 per month. It can be more or less depending upon the type of case.
In Canada, if you are insolvent don’t worry. Life saviors are available in the form of Licensed Insolvency Trustee. Simply contact them and they will help you with their service for bankruptcy and insolvency.
Hope, you like the knowledge shared!