February 2, 2023
The Office of the Superintendent of Bankruptcy (OSB) continues to strengthen its Compliance Framework by implementing a Trustee Annual Report (TAR) to collect information on Licensed Insolvency Trustee (LIT) business models and practices. This information will better inform the OSB's oversight activities and help reduce administrative burden on LITs, particularly during Trustee Office Visits.
The OSB has worked closely with the Canadian Association of Insolvency and Restructuring Professionals (CAIRP) and a working group over the past year on the content of the TAR which was then developed in OSB Licensing Administration Application (OLAA).
LITs are encouraged to log in to complete the TAR in the coming months and to provide any feedback to email@example.com about their experience.
The TAR asks that LITs attest to various items, including the following:
- Corporate structure
- Succession plan
- Individuals assisting with assessments
- Contract LITs and LITs who are non-employees
- Agreements with/referrals from debt consultants
- Compliance with Trustee Electronic Record Keeping (TERK) requirements
- Other confirmations dealing with various items such as solvency and employee defalcation
Completion of the TAR will be required in order to renew licences at the end of 2023 so the sooner LITs familiarize themselves with it, the better.