Status of the New Directive on Trustee Designation and Advertising: Directive No. 29R3

September 22, 2015

The Office of the Superintendent of Bankruptcy (OSB) has recently received enquiries regarding the new Directive on Trustee Designation and Advertising. This notice is to provide licensed trustees with an update on the status of the Directive and planned next steps.

Public consultations on the draft Directive, which closed at the end of June, yielded valuable input on the proposed designation itself, as well as the advertising provisions of the Directive. Over the summer, the OSB has undertaken further analysis of several key issues along with the drafting of substantive amendments to further align the Directive with the objectives identified in the consultation documents.

Trustees are advised that, at the present time, the existing Directive No. 29R2 (PDF, 10 pages, 484 KB), including the designation Trustee in Bankruptcy, remains in effect.

The new directive is planned to be released later this fall and the OSB will provide Trustees with notice in advance of the release date.  The Directive will include transitional provisions to facilitate the efficient adoption of a new professional designation, as well as information on how to comply with the requirements of the Directive.

Should you have any questions, please contact the OSB at mailto:ic.osbcommunications-communicationsbsf.ic@canada.ca.

Note: Similar information was communicated to the Canadian Association of Insolvency and Restructuring Professionals (CAIRP) in mid-August, in response to an inquiry related to preparations for the organization's annual meeting.

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