Updated MOU between the Superintendent of Bankruptcy and CAIRP

February 1, 2021

The Office of the Superintendent of Bankruptcy (OSB) has published the updated Memorandum of Understanding (MOU) between the Superintendent of Bankruptcy and the Canadian Association of Insolvency and Restructuring Professionals (CAIRP).

This MOU replaces the previous version dated October 16, 2019. Key changes include:

Chartered Insolvency and Restructuring Professional (CIRP) Qualification Program

  • Changes were made to the composition of the CIRP Qualification Program (CQP) Committee (22);
  • Changes were made to the educational requirements, stipulating that new candidates are now required to have a degree from a post-secondary institution (45);
  • The name of the insolvency counsellor course was updated to the Practical Course on Insolvency Counselling (PCIC) (definitions)—as were the entrance requirements for applicants to the PCIC (47);
  • A clause was added to clarify that all decisions made by the CQP Committee in good faith will not be invalidated by the fact that they deviate slightly from precise terms of the MOU.

Language

  • The new trustee designation, Licensed Insolvency Trustee (LIT), was incorporated throughout.

Diversity

  • A provision was added to highlight OSB and CAIRP’s shared recognition of the importance of diversity and representativeness in the LIT profession (9).

To view the full MOU, it is available on the OSB’s website and on CAIRP’s website.