More often than not, when an individual is in a financial crisis, he/she will seek out a Trustee in Bankruptcy to aid with the matter at hand. However, the term, “Licensed Insolvency Trustee” is now becoming more and more commonplace – but what exactly is a Licensed Insolvency Trustee?
A Licensed Insolvency Trustee (LIT) is a professional who is able to administer the laws within the Bankruptcy and Insolvency Act (BIA). Basically, LITs are able to suggest and provide government programs, which they feel will best aid these individuals in seeking guidance for their debt problems. These individuals are licensed by the Office of the Superintendent of Bankruptcy and can help with a variety of services to help avoid bankruptcy.
According to the Office of the Superintendent of Bankruptcy, Licensed Insolvency Trustees have the following responsibilities:
– administers proposals and bankruptcies;
– protects the rights of creditors;
– investigates the affairs of the debtor; and
– ensures the rights of the debtor are not abused.
In fact, starting April 2016, those with the former designation of Trustee in Bankruptcy will be legally known as Licensed Insolvency Trustees.
Whether you need help with consumer or corporate insolvency issues, finding a Licensed Insolvency Trustee should be the first step in dealing with your financial troubles and debt.
We are Licensed Insolvency Trustees and have extensive experience in addressing financial challenges. As described above.
So feel free to email us at email@example.com, call us at 416 736 4357 (HELP), or fill out the contact form on this website, to book a free, no obligation consultation with one of our debt solutions’ experts.
Make an appointment today, and we will provide some solutions specifically tailored to your situation. We look forward to assisting.