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
September 12, 2012 at 6:03 am, 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.
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