January 29, 2018
The Office of the Superintendent of Bankruptcy (OSB) has issued Directive No. 1R4, Counselling in Insolvency Matters. The Directive identifies the accountability and duties of an LIT with regard to insolvency counselling, establishes the requirements necessary for an LIT to register a BIA Insolvency Counsellor, and the requirements for the delivery of insolvency counselling to an individual bankrupt or consumer debtor.
The Directive and supporting documents are available on the OSB website. If you experience difficulty accessing the links, cut and paste the links directly into your browser’s address line.
Directive No. 1R4 will come into force on October 1, 2018; Directive No. 1R3 remains in effect until that time. To effectively plan for the implementation of Directive No. 1R4, it is recommended that LITs familiarize themselves with the changes reflected in the Directive, by reviewing the enclosed materials.
Questions relating to the Directive can be sent to OSB Regulatory Affairs.