September 12th, 2012 by Questions

I am told that anyone can become a Licensed Insolvency Trustee. You don’t need to have any credentials whatsoever. Therefore, who keeps these trustees honest?

Posted from: Alberta


One Response to “discharge/trustees”

, A licensed trustee said:

You’ve been mis-informed…

In order to enroll as a student wishing to become a trustee you must have one of the following:

1) 5 years of industry experience;

2) a professional accounting designation; or

3) a university degree

In addition you must be sponsored and mentored by a licenced trustee.

There are three courses of study consisting of multiple units of study, followed by 3 written exams, followed by an examination before an Oral Board. The process takes from 3 to 5 years to compelte and the pass rate is somewhere below 1/3…

There are currently about 1,000 licenced trustees in all of Canada – about half deal with the general public. Each year a couple of dozen retire and a couple dozen new people are licenced. It is quite difficult to become a trustee and once you are licenced you are subject to annual reviews by the government.

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)