September 15, 2014
The Office of the Superintendent of Bankruptcy (OSB) is continuing its transition to an electronic process for submitting Remittance Advice forms (e-remittance). Presently over 70 percent of trustees are participating. The OSB is now beginning the third phase of the full roll-out of e-remittance to the entire trustee community.
The move to e-remittance offers significant benefits over the paper-based system. Because data are sent directly from the trustee’s practice-management software to the OSB, the potential for data-entry errors is greatly reduced. It also lowers trustees’ paper consumption and postage costs, and enables trustees to consolidate more payments into a single remittance.
The OSB will manage the transition by grouping trustees alphabetically according to firm name. For this third phase, firms with names that start ‘N–Z’ are asked to begin using e-remittance. It is expected that these trustees will transition to e-remittance between receipt of this email and December 2014.
The OSB is aware that a commonly used software package (ISS Insolvency Manager) is not being upgraded to support e-remittance. If there are other reasons why trustees have chosen not to participate in the e-remittance process or for more information about the process, please contact Colin Frick. For technical support, please contact your software provider.