How to Become a Licensed Personal Bankruptcy Trustee in Scarborough

In Scarborough, a licensed personal bankruptcy trustee is a highly trained professional that administers bankruptcy proceedings and other credit and debt counselling settlements.  The Trustee profession is highly regulated by the Office of the Superintendent of Bankruptcy Canada (OSB). This government agency is directly responsible for governing and monitoring all aspects of insolvency in Canada, in accordance to the Bankruptcy and Insolvency Act (BIA),  which includes granting licenses to Trustees, supervising the administering of estates and overseeing the conduct of Trustees.

Before granting someone a license to become a Trustee, the OSB must make sure that the person meets certain requirements.

The first prerequisite is to obtain the necessary education which can be either a Canadian university degree or its equivalent, or at least have five (5) years of relevant work experience in the field of bankruptcy. An individual who belongs to a recognized Canadian professional association or relevant regulatory body may also qualify.

Another training requirement for Trustee licensure is completion of the Chartered Insolvency and Restructuring Professional Qualification Program, also known as the CIRP Qualification Program (CQP). This is a three-year course administered by the Canadian Association of Insolvency and Restructuring Professionals (CAIRP), which is a professional organization representing bankruptcy trustees throughout Canada.

In addition to completing the CQP, candidates are also required to complete the Insolvency Counsellor's Qualification Course or the ICQC. This a four-module training program also administered by the CAIRP for developing the skills needed to become a qualified Insolvency Counsellor. The Bankruptcy and Insolvency Act (BIA) requires individuals who counsel debtors in trustee positions and who work in credit counselling services to become registered Insolvency Counsellors.

After completing training, candidates go through two testing requirements. They must first pass the National Insolvency Examination administered by the CAIRP in order to be certified as Chartered Insolvency and Restructuring Professionals or CIRP. Upon passing the national examination, you will receive an invitation from the Office of the Superintendent of Bankruptcy (OSB) to take an Oral Board of Examination which you must pass in order to obtain license as a Licensed Insolvency Trustee.

Another requirement to become a Trustee is to be evaluated by the OSB as being a person of good character and reputation. This means that the candidate does not have any criminal record or has not been convicted of any civil offense. These are critical considerations in order to protect the integrity of the bankruptcy and insolvency system and ensure the Canadian public, particularly users of insolvency services, that they are competently served by honest and competent professionals who are capable of resolving creditor/debtor disputes fairly and effectively.

The last requirement for getting a Trustee license is to pass evaluation by the OSB as being a person who is solvent and who has not resorted to bankruptcy in the last five (5) years. Obviously, this is a reasonable condition. Licensed Trustees will be helping Canadians with their debt problems and financial stress, so naturally their own life must reflect a certain financial stability in order to be regarded as credible.

Becoming a licensed personal bankruptcy trustee in Scarborough, or anywhere in Canada, will certainly not be quick and easy. If you are interested in pursuing this career path, you can look for more comprehensive information in the websites of the Canadian Association of Insolvency and Restructuring Professionals (CAIRP) or the Office of the Superintendent of Bankruptcy (OSB).