Licensed Insolvency Trustees or bankruptcy trustees, are licensed professionals who assist individuals and businesses in overcoming financial difficulties, primarily through two methods: bankruptcy and consumer proposals.
Key responsibilities of insolvency trustees include:
- Managing Financial Affairs: They take charge of the financial affairs of insolvent parties, ensuring fair and legal management.
- Regulation and Oversight: Their operations are regulated by the Office of the Superintendent of Bankruptcy, a federal government agency, to maintain standard practices.
- Government-Appointed Assistance: As appointees of the government, they are entrusted with administering bankruptcies and consumer proposals to aid people in resolving their financial challenges.
This role is essential in providing a structured and legal approach to financial recovery for those facing insolvency.