On December 19, 2019, the Office of the Superintendent of Bankruptcy (OSB) met with representatives of Google to discuss the revised Google Financial products and services policy.
The OSB advised that it is responsible for supervising all estates and matters to which the Bankruptcy and Insolvency Act applies. It licenses and regulates the insolvency profession, ensures an efficient and effective regulatory framework, supervises stakeholder compliance within the insolvency process and maintains public records and statistics. Under Canada’s insolvency framework, Licensed Insolvency Trustees (LITs) are the only professionals who are authorized to administer insolvency proceedings.
Google indicated it is considering a certification process in Canada. A decision will depend on further analysis and due diligence, taking into consideration the wide range of players providing debt settlement, debt management and credit repair services, as well as the various regulatory and/or accreditation regimes under which they operate.
The OSB offered to collaborate as necessary to contribute to a certification process for LITs. Google was appreciative of the OSB’s clarification and indicated they would inform the OSB of any further developments – which the OSB will communicate to LITs.