Protecting the public

The Office of the Superintendent of Bankruptcy (OSB) is responsible for protecting the integrity of Canada’s insolvency system. This includes:

Licensed Insolvency Trustees

A Licensed Insolvency Trustee (LIT) is the only professional who is authorized to administer insolvency proceedings, such as consumer and commercial proposals and bankruptcies, pursuant to the BIA.

The OSB ensures that Licensed Insolvency Trustees:

  • have a solid base of knowledge and experience in the insolvency industry before they are eligible to apply for a licence
  • comply with the applicable legislation, regulations and directives, which protect the public
  • are subject to ongoing oversight via regular reviews, audits and inspections and adherence to standards of practice pursuant to the BIA and its General Rules, including the Code of Ethics for Trustees
  • when compliance concerns arise, are subject to investigation and appropriate discipline, including possible licence suspension, cancellation or other legal consequences

For further information, see the Overview of trustee Professional Conduct proceedings, the Directive No. 31, Procedure Governing Trustee Professional Conduct Proceedings, and decisions affecting the licence of an LIT.

Complaints against Licensed Insolvency Trustees

If you have concerns about an LIT which cannot be resolved, you may file a complaint with the OSB. Learn about the type of complaints handled by the OSB and OSB's service standards.

Complaints regarding misrepresentation

It is an offence for any person not holding a trustee licence to use the designation “Licensed Insolvency Trustee” or “LIT”, or to act as a licensed trustee. Those found guilty may be subject to summary conviction, and liable to a fine, imprisonment or both.

To file a complaint about someone misrepresenting themselves as a Licensed Insolvency Trustee, please contact the OSB’s Service Centre at the following phone number: 1-877-376-9902.