What is a Licensed Insolvency Trustee?
A Licensed Insolvency Trustee (LIT) is a federally regulated professional who helps insolvent individuals and businesses deal with debt. If you are struggling with debt, there are many reasons you should contact an LIT, including:
- An LIT is qualified to assess the situation and provide advice on the various options for resolving a problem with debt;
- An LIT is qualified to administer federally regulated processes such as consumer proposals and bankruptcy;
- An LIT is regulated by and answers to the Office of the Superintendent of Bankruptcy;
- Fees charged by an LIT for insolvency services are federally regulated;
- An LIT must follow rules and regulations contained in the Bankruptcy & Insolvency Act, including a strict code of ethics; and
- An LIT may be a member of the Canadian Association of Insolvency & Restructuring Professionals, which requires its members to comply with Standards of Professional Practice and Rules of Professional Conduct, as well as participate in continuing education.
In this video, I explain how a Licensed Insolvency Trustee can help individuals, families and small businesses deal with debt problems.