March 21, 2024
On April 2, 2024, the Office of the Superintendent of Bankruptcy (OSB) will be initiating a project on the oversight of National and Multijurisdictional (NMJ) firms. With this initiative, the OSB will implement a modernized approach to monitoring large insolvency firms that work across multiple provinces and their LITs. This project aims to streamline the execution of the OSB’s Trustee Compliance activities in relation to NMJ firms, making the OSB’s general oversight and interactions more efficient and consistent on a national level. The implementation of this project will commence with the following firms, that were selected based on their established national and multi-jurisdictional reach, and in consideration of the nature of their inventory portfolios, which focus on either consumer files, corporate files or a mix of both:
- BDO
- Bromwich & Smith
- Deloitte
- Grant Thornton
- Harris & Partners
- Raymond Chabot.
The OSB has created three dedicated NMJ teams – one in each region (West, Ontario and East) that will work collaboratively with the selected NMJ firms. The results of this initiative will ensure improvements to the OSB’s oversight while also aiming to reduce the administrative burden on LIT firms. Depending on results, the OSB may consider extending this approach to other firms at a later date.
If you have any questions relating to this project, please contact your designated Senior Bankruptcy Analyst or Assistant Superintendent.