Notice to LITs Regarding Directive No. 13R7, Trustee Licensing

The Office of the Superintendent of Bankruptcy (OSB) has amended and published Directive No. 13R7, Trustee Licensing.

Amendments to Directive No. 13R6 clarify who may be a director and an officer of a corporate trustee and confirm the good character requirement and the corporate trustees’ requirements. The requirement for individual and corporate LITs (paragraph 13(d)) to continue to meet the good character requirements after the issuance of a licence has also been clarified in the directive.

Please see the amended directive on the OSB’s Website.