What is a Licensed Insolvency Trustee?
Licensed Insolvency Trustees (LITs) are federally regulated professionals who provide advice and services to individuals and businesses with debt problems. LITs help people make informed choices to deal with their financial difficulties.
Why should you consider consulting an LIT?
An LIT can provide the full range of options
LITs are the only professionals authorized to administer government-regulated insolvency proceedings that allow you to be discharged from your debt, such as consumer proposals and bankruptcies. For individuals who are in significant financial difficulty, these options may be the best solution.
See our new video series to learn how an LIT can help you find the most appropriate option to get out of debt.
An LIT will deal directly with creditors on your behalf
Once a proposal or personal bankruptcy is filed, the LIT will deal directly with creditors on your behalf. In addition, unsecured creditors cannot continue or initiate any collection action or legal proceeding against you.
An LIT is qualified
It is very important to ensure that you get financial advice and services from a qualified professional. When you choose an LIT, you can be confident that you are dealing with someone who has demonstrated they have the knowledge, experience and skills to be granted a licence from the Office of the Superintendent of Bankruptcy (OSB).
An LIT is federally regulated
LITs are subject to ongoing oversight by the OSB and must adhere to federal standards of practice, including the Code of Ethics for Trustees.
If you have a difficulty with an LIT that you cannot resolve, you may file a complaint with the OSB and be assured that your complaint will be reviewed and assessed.
The LIT’s fee is federally regulated
The fees charged by an LIT for consumer insolvencies are regulated by the federal government. Typically, LITs do not charge for the first consultation.
An LIT is easy to find
Search the Licensed Insolvency Trustee registry to find the main office coordinates of all LITs in Canada. You can also look for "Licensed Insolvency Trustee" in your search engine. LITs are available across the country, even in remote locations.
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