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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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discharge/trustees

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

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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.