July 16, 2020
Implementation of fee adjustments pursuant to the Service Fees Act (SFA) will take effect on September 1, 2020. Increases will come into effect for the following:
- Filing fees
- Licence renewal fees
- Licence application fees
- Levy for Summary Administrations
Licensed Insolvency Trustees (LIT) will need to update their software prior to September 1, 2020, in order to have these fees (filing and levy) implemented. LITs should communicate with their vendors to coordinate the necessary steps required to upgrade their software in a timely manner.
The fees above will increase annually by a pre-determined amount based on the Consumer Price Index. The next fee adjustment by the Office of the Superintendent of Bankruptcy (OSB) will take place on March 31, 2021.
As indicated in the OSB’s communication of March 30, 2020, the implementation of fee adjustments pursuant to the SFA which was to take effect on March 31, 2020, was deferred due to the extraordinary circumstances created by the COVID-19 pandemic.
For additional information, please see our website.