What is a Licensed Insolvency Trustee? A Licensed Insolvency Trustee (LIT) is th…
What is a Licensed Insolvency Trustee? A Licensed Insolvency Trustee (LIT) is the only professional who is authorized to administer insolvency proceedings such as consumer and commercial proposals and bankruptcies pursuant to the BIA. The office of the Superintendent of Bankruptcy Canada ensures that Licensed Insolvency Trustees: Have a solid base of knowledge and experience in the insolvency industry before they are eligible to apply for a license; Comply with the applicable legislation regulations and directives which protect the public; Are subject to ongoing oversight via regular reviews audits and inspections and adherence to standards of practice pursuant to the BIA and its General Rules including the Code of Ethics for Trustees; When compliance concerns arise are subject to investigation and appropriate discipline including possible license suspension cancellation or other legal consequences. What does a Licensed Insolvency Trustee do for me? The trustee has two main jobs: To take your assets and sell them. For example if you own a house with no mortgage the trustee would sell the house and use the money to repay your creditors (the people you owe money to). To take whatever money they recover and distribute it to the creditors at the end of your bankruptcy. A person has to use a trustee if he or she goes bankrupt. However trustees are not just for filing bankruptcy. They are also Professional Debt Consultants and can: Provide debt counseling Help you make a proposal to your creditorsto avoid bankruptcy Make arrangements with your creditors on your behalf Negotiate settlement agreements If a Trustee feels you need the protection of independent legal advice the trustee will refer you to an insolvency lawyer. In some cases the Trustee will be able to advise you of a solution that will cost you nothing and have you avoid bankruptcy. Laurence Westgeest at Westgeest & Associates in Burnaby is a LIT that is here to help you. If you are struggling with debt or have collection agencies calling you or are worried about wage garnishments we strongly advise you to contact Westgeest & Associates today at (604) 291-9151.
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