The Office of the Superintendent of Bankruptcy (OSB) is responsible for protecting the integrity of Canada’s insolvency system. This includes:
- supervising the administration of all estates and matters under the Bankruptcy and Insolvency Act (BIA)
- licensing, regulating and overseeing the conduct of the trustee profession
- monitoring compliance of all parties with the BIA
- intervening in court to protect the insolvency process
- maintaining a public registry of BIA bankruptcy and proposal filings, and Companies' Creditors Arrangement Act (CCAA) filings
- recording and, where appropriate, investigating complaints against trustees, debtors and creditors
- investigating cases where offences may have been committed (refer to the section entitled “Bankruptcy abuse and fraud”)
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.
- Why should you consider consulting a Licensed Insolvency Trustee?
- Discussing your options with a Licensed Insolvency Trustee (Video)
- What to expect if you file for bankruptcy (Video)
- Submitting a consumer proposal to your creditors (Video)
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
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.