November 29th, 2010 by A Licensed Insolvency Trustee
Earlier this month we broke the story about Draft Statements of Claim – Collection Agency Dirty Trick Number One. Then, last week, we followed up with Draft Statements of Claim – More on This Questionable Collection Agency Tactic. In both articles we referred to the work of Mark Silverthorn, a former collection agency lawyer who […]
September 27th, 2010 by A Licensed Insolvency Trustee
What’s the fastest way to accumulate so much debt that you have no option but to file bankruptcy in Canada? As a bankruptcy trustee I have handled thousands of personal bankruptcy filings over the last two decades, and the answer to that question, based on my experience, is easy: Credit cards. If you want to […]
September 13th, 2010 by A Licensed Insolvency Trustee
On this Trustees Talk site we attempt to comment on items in the news, and items of interest to Canadians. As we have discussed previously, in June 2010, the Office of the Superintendent of Bankruptcy (OSB) initiated a Review of the Trustee Licensing Regulatory Framework . One of the items up for discussion was whether or […]
August 30th, 2010 by A Licensed Insolvency Trustee
Personal bankruptcy filings in Canada increased in June, 2010, according to personal bankruptcy statistics released by the Office of the Superintendent of Bankruptcy. In the month of June 11,900 Canadians filed a bankruptcy or a proposal, up 7% from the 11,123 filings in May, 2010. Over the twelve months ending in June, 145,233 residents of […]
August 2nd, 2010 by A Licensed Insolvency Trustee
The consumer proposal is probably the least known of the processes to deal with overwhelming debt, but it is the mechanism that has the greatest capacity for good given our current economic environment. Let’s face it, right now the number one biggest risk to the Canadian economy isn’t the high dollar, it isn’t our level […]
June 21st, 2010 by A Licensed Insolvency Trustee
Last week we provided our thoughts on whether or not Credit Counsellors should be licensed to administer consumer proposals in Canada. The Office of the Superintendent of Bankruptcy (“OSB”) is currently conducting a policy review. One topic they are considering is whether or not they should implement specialized licenses for bankruptcy trustees. Currently all bankruptcy […]
June 14th, 2010 by A Licensed Insolvency Trustee
The Office of Superintendent of Bankruptcy is a special operating agency associated with Industry Canada, part of the federal government. The “OSB” regulates bankruptcy trustees (the people who administer bankruptcies and proposals, and ensure they comply with all aspects of the Bankruptcy and Insolvency Act). As the regulator, the OSB will often seek the input […]
May 3rd, 2010 by A Licensed Insolvency Trustee
As we have discussed many time on the Bankruptcy Canada Trustee Talk blog, a consumer proposal is a great alternative to filing bankruptcy in Canada. The concept is simple: instead of going bankrupt, you offer to pay a portion of the amount owing to your creditors, and if they accept you avoid bankruptcy. But why […]
April 19th, 2010 by A Licensed Insolvency Trustee
This is a website devoted to discussing all aspects of bankruptcy in Canada, but today we will discuss the opposite of bankruptcy. Today I present my Top Three Ways to Avoid Bankruptcy in Canada. Why would I, a bankruptcy trustee, want you to avoid bankruptcy? Because I strongly believe that bankruptcy should be a last […]
March 29th, 2010 by A Licensed Insolvency Trustee
On March 27, 2010 the world observed Earth Hour. At 8:30 pm local time everyone was encouraged to turn off their lights as a statement against climate change. So what does Earth Hour have to do with bankruptcy in Canada? The answer depends on how you perceive the value of Earth Hour. Many people […]