Contents
PDF version
Report on 2020-21 Business Plan Priorities
3048 Kb, 15 pages
Message from the Superintendent
- Comprehensive Regulatory Review
- Strengthening the OSB’s Compliance Framework
- Registrars Conference
- Helping Canadians: Finding the Right Debt Solution
- Helping Canadians: Engaging Stakeholders on the Debt Advisory Marketplace
- Operational Training
Message from the Superintendent
I am pleased to share with all Canadians the Office of the Superintendent of Bankruptcy (OSB) Report on 2020-21 Business Plan Priorities.
This report summarizes the OSB’s achievements against its priorities for 2020-21 and highlights its continued progress towards improving and modernizing the insolvency system on behalf of Canadians.
Over the past year, the OSB continued to fulfill its mandate and advance its priorities while addressing the challenges resulting from the COVID-19 pandemic.
Significant efforts were made to obtain court orders in all Canadian provinces and territories, on behalf of more than 500,000 insolvency estates, to provide relief to debtors and businesses that have filed for insolvency and to provide them with greater flexibility to meet their obligations under the Bankruptcy and Insolvency Act (BIA). Throughout the pandemic, ongoing guidance was provided to Licensed Insolvency Trustees (LITs). In addition, the OSB actively participated in various key meetings, including a presentation to the House of Commons Standing Committee on Finance, to share information on the Canadian insolvency system, like the impact of the pandemic. The OSB also participated in round table discussions with key stakeholders, the broader department of Innovation, Science and Economic Development (ISED), and the Department of Finance, on the readiness of the Canadian insolvency system to meet the challenges of the pandemic and beyond. The OSB also engaged regularly with international colleagues, both directly and through the International Association of Insolvency Regulators to share best practices, track trends and advance important common objectives such as diversity and inclusion in the insolvency profession.
Furthermore, the OSB has advanced its priorities for 2020-21, seeking to modernize the regulatory framework and help Canadians find the right debt solution. To this end, a consultation paper was released to invite stakeholders to submit proposals for improvements to the insolvency system. A virtual conference was held for Registrars, which resulted in productive and useful discussions on insolvency-related topics of national interest, and the OSB made significant improvements to its debtor and LIT compliance programs. Research to better understand the pathways Canadians take to arrive at debt solutions was also conducted to support enhancements to the OSB’s debt solutions portal.
Mindful of the importance of maintaining a respectful, healthy, diverse and inclusive workplace for its employees, the OSB also enhanced its recruitment, talent management and operational training practices, thereby supporting organizational excellence, one of OSB’s strategic objectives.
I am proud of the resilience and hard work of OSB employees, who have demonstrated dedication and perseverance throughout the pandemic. They maintained business operations and balanced personal responsibilities while working from home. As always, I am thankful for the exceptional commitment and professionalism of my team and the stakeholders in achieving significant results for the insolvency system and Canadians. Please read on for additional details on the OSB’s accomplishments in 2020-2021.
Elisabeth Lang
Superintendent of Bankruptcy
2020-21 Highlights
The OSB contributes to an efficient marketplace by maintaining the integrity of the Canadian insolvency system, thereby strengthening confidence in the Canadian economy. Its operational activities are essential in the delivery of its mandate and are key in achieving results for the benefit of the insolvency system. Here are some highlights.
Program Policy and Regulatory Affairs
The OSB:
- Promoted physical distancing and health and safety measures during the pandemic by offering the option to provide remote service delivery beginning March 13, 2020;
- Amended the Estate Funds and Banking directive to allow electronic signatures for bank reconciliations and to facilitate electronic fund transfers;
- Issued Directive No. 13R7, Trustee Licensing, to clarify who may be a director and an officer of a corporate trustee and to confirm the requirements for good character and corporate trustees;
- Issued Guidance to LITs regarding the Canada Recovery Benefits Act;
- Provided guidance to assist with the interpretation and application of the Omnibus court orders obtained in response to the COVID-19 pandemic;
- Released a new integrated Insolvency Counsellor registration tool in the OSB License Administration Application to reduce the administrative burden on LITs; and
- Implemented, in collaboration with the Canadian Association of Insolvency and Restructuring Professionals and in support of the representativeness in the LIT Profession efforts, a self-identification data collection process for LITs, Chartered Insolvency and Restructuring Professional Qualification Program candidates, Insolvency Administration students, and Practical Course on Insolvency Counselling students.
Licensing
The OSB:
- Granted 25 new Trustee licenses as part of the 2020 Oral Board of Examination;
- Renewed licenses for 1,209 Trustee professionals (corporate and individual); and
- Administered 2,124 service requests from LITs, ensuring that they continue to meet the requirements of the regulatory framework.
Licensed Insolvency Trustee Compliance
The OSB:
- Developed a new process for conducting remote LIT Office Visits (LITOV) to adapt to the restrictions of the COVID-19 pandemic:
- Conducted 121 remote LITOVs to validate compliance with insolvency legislation.
- Initiated more than 200 compliance actions to address non-compliance by 43 LITs:
- Issued 1,000 negative letters of comment in instances where the LIT was deemed to not have adequately performed his/her duties in completing a final statement of receipts and disbursements, and therefore caused a monetary loss to creditors or affected the rights of stakeholders; and
- Put conservatory measures in place to protect trust account funds for approximately 100 estates.
Debtor Compliance
The OSB:
- Developed a new process to conduct remote debtor examinations to adapt to COVID-19 pandemic restrictions;
- Undertook 371 examinations of debtors for whom a bankruptcy or proposal was filed to obtain information under oath with regard to their conduct, the causes of the insolvency, the disposition of their property, and any other relevant subjects, as appropriate:
- Carried out 157 court interventions to remedy non-compliant behavior by debtors; and
- Submitted 39 new Superintendent investigation orders, either for internal investigation or to the Royal Canadian Mounted Police.
Creditor Compliance
The OSB:
- Observed that in 2020, 8% of the complaints were against creditors:
- Over 30% of the complaints against creditors warranted a compliance intervention, using cease and desist letters, representing 13% of all complaint interventions; and
- Over 60% of the complaints against creditors were related to a failure to respect the stay of proceedings, while 36% were related to an attempt to ascertain that the debt was not dischargeable.
Statutory Complaints
The OSB:
- Registered 1,028 complaints, a decrease of 10% from the previous year, representing 1.14% of insolvencies filed in 2020-21:
- Acknowledged 98% of complaints received within 5 days; and
- Responded to 73% of complaints received within 30 days.
Consumer Protection and Insolvency Information
The OSB:
- Accepted 89,955 insolvency filings;
- Recorded 61 filings under the Companies' Creditors Arrangement Act (CCAA);
- Responded to 18,062 enquiries about the insolvency system:
- Handled 96% of enquiries received within 5 days;
- Published monthly, quarterly, and annual insolvency statistics on its website;
- Completed 114 external requests for insolvency data; and
- Monitored its website traffic, including the views of its three most visited web pages:
- Home Page (167,423);
- Insolvency Counselling Program (110,526); and
- CCAA Record List (104,923).
Business Priorities
The OSB’s business priorities are aligned with its strategic objectives of engagement, compliance, and organizational excellence, and support its efforts toward modernizing Canada’s insolvency system and contributing to the efficiency of the Canadian marketplace. Undertaken as short-term or multi-year projects, OSB’s business priorities are planned and implemented to enhance program delivery and results. Below is a summary of the 2020-21 accomplishments.
Strategic Objectives

Description
The graphic shows three coloured symbols representing OSB’s strategic objectives. Engagement is represented by a yellow symbol, compliance is represented by a purple symbol, and organizational excellence by a teal symbol.
Engagement
Increasing engagement with stakeholders, including meaningful consultations, will help the OSB pull the right players together in order to achieve significant results for the benefit of Canadians.
Compliance
The OSB has an important compliance mandate that it must fulfill effectively. To ensure compliance from all those it regulates, the OSB will use its full range of compliance and enforcement tools in a meaningful and effective manner.
Organizational Excellence
Organizational excellence involves establishing an evidencebased approach to decisionmaking, as well as recruiting, training and retaining a qualified workforce that is healthy, respectful, and high performing.
1. Comprehensive Regulatory Review![]() ![]() ![]() | ||||
Success Measures | | Key Achievements in 2020-21 | ||
| Completed | The OSB:
| ||
| Deferred |
| ||
2. Strengthening the OSB’s Compliance Framework![]() ![]() | ||||
Success Measures | Key Achievements in 2020-21 | |||
| Ongoing | The OSB:
| ||
| Ongoing | The OSB:
| ||
| Deferred |
| ||
3. Registrars Conference![]() ![]() | ||||
Success Measures | Key Achievements in 2020-21 | |||
| Completed | The OSB:
| ||
| Deferred |
| ||
4. Helping Canadians: Finding the Right Debt Solution![]() ![]() ![]() | ||||
Success Measures | Key Achievements in 2020-21 | |||
| Completed | The OSB:
| ||
| Deferred |
| ||
| Completed | The OSB:
| ||
5. Helping Canadians: Engaging Stakeholders on the Debt Advisory Marketplace![]() ![]() | ||||
Success Measures | Key Achievements in 2020-21 | |||
| Ongoing | The OSB:
| ||
| Completed | The OSB:
| ||
6. Operational Training![]() ![]() | ||||
Success Measures | Key Achievements in 2020-21 | |||
| Completed | The OSB:
| ||
| Completed | The OSB:
| ||
| Completed | The OSB:
|
Ongoing Activities
Providing Insolvency Information to Canadians
The OSB provides insolvency information to Canadians via a variety of channels including its website, social media platforms, and its National Service Centre (NSC).
In 2020-21, the NSC:
- Adapted its business practices to deliver its activities remotely in response to the COVID-19 pandemic;
- Enhanced its employee learning pathway; and
- Introduced a survey to measure client satisfaction.
The following activities will continue to be advanced by the OSB in 2021-22:
- Establish ongoing mechanisms to consider feedback as a basis for continuous improvement of OSB information services; and
- Migrate the Insolvency Records Search call service to the NSC to streamline the client experience.
Internal Services Enhancements
The OSB’s Internal Services provide ongoing support, leadership, and strategic direction to organizational activities.
In 2020-21, the OSB:
- Used business data analytics to support compliance activities and modernized its DC Program business applications;
- Improved recruitment and retention of a qualified, engaged, agile, and high-performing workforce; and
- Created a new Mental Health and Wellbeing Committee, which supports mental health awareness by organizing activities and providing information related to mental health training, tools, and resources.
Looking Ahead
Building on what was accomplished in 2020-21, the OSB continues to fulfill its mandate and advance its priorities, while responding to the challenges of the COVID-19 pandemic, to achieve meaningful results for the insolvency system and Canadians. In addition to pursuing its compliance mandate, its business priorities for 2021-22 will focus on implementing changes to its regulatory framework, seeking to modernize and reduce unnecessary administrative burden on those it regulates and helping those experiencing serious financial difficulties to find the right debt solution. I invite you to read the OSB’s 2021-22 Business Plan for more details.