The Ira Smith Team Trustee team is
absolutely operational, and Ira, in addition to Brandon Smith,
is readily available for a telephone consultation or video meeting.
We hope that you and your family are safe and healthy.
What is a Licensed insolvency trustee introduction?
What is a licensed insolvency trustee is a question I see
asked regularly.
Is it the same as a bankruptcy trustee?
The answer is yes.
A bankruptcy trustee is an old name
Licensed insolvency trustee is the new name.
The Office of the Superintendent of Bankruptcy.
(OSB) changed the name in 2015.
The change came about partly because of submissions made by the
Canadian Association of Insolvency and Restructuring Professionals (CAIRP).
The change came about since the new name more precisely explains the breadth
of solutions they offer to consumers and businesses.
The purpose of this Brandon's Blog is
to describe for the stressed out person who is facing financial challenges
or the entrepreneur whose business is in financial trouble.
What is a licensed insolvency trustee all about
and give a twelve point checklist to help you find the best one for you.
What is a licensed insolvency trustee?
A Licensed insolvency trustee is
a financial and debt specialist, licensed and supervised by the OSB.
The OSB released a directive calling
for trustees to utilize the classification of Licensed insolvency trustee to more
precisely show the solutions they offer. What is the difference between a licensed
insolvency trustee, a credit counsellor and a debt settlement business?
Licensed insolvency trustee, credit counsellors and financial debt
settlement companies all provide financial guidance.
However, they are extremely different.
A licensed insolvency trustee is the only
person who can file a bankruptcy or consumer proposal for you.
A trustee can also offer you financial
advice and help you plan on how to repay your debt.
Credit counsellors and debt settlement businesses can give you financial advice
and information, they can help you make a budget and make
plans to repay your debt, but they can't file a bankruptcy or
consumer proposal for you. Unlike the others, a licensed insolvency
trustee is an officer of the court and as such, is the only financial
debt relief professional in Canada legally allowed to administer insolvency
proceedings under the Bankruptcy and Insolvency Act (Canada) (BIA).
What is a licensed insolvency trustee and what can they do for me?
A Licensed insolvency trustee will first
gather info to comprehend the individual's are business's.
entire circumstances,
examine the effects of different choices, discuss them with you and also suggest
the one he or she really feels is ideal for you.
When filing a restructuring debt settlement proposal or for bankruptcy,
Licensed insolvency trustee will direct the debtor through the whole procedure,
will certainly prepare and submit the needed paperwork and be the one to be
to deal directly with all of your creditors.
So what is a licensed insolvency trustee?
It is the only expert that can offer you
a complimentary consultation and advice as well as recommendations.
After that, she or he will either direct you what to do if you do not need
an insolvency process to repair your financial concerns or
administer the insolvency procedure if one is required.
What is a licensed insolvency trustee and what sets them apart?
By now you should realize that a licensed
insolvency trustee is licensed and supervised by the OSB.
No other professional dealing
with consumer or business debt issues. Licensed insolvency trustees
also have to go through a rigorous course of study
and examinations in order to obtain that license.
So what is a licensed insolvency trustee?
It is someone who successfully completed:
the Chartered Insolvency and Restructuring Professional (CIRP) qualification program.
The CIRP National Insolvency Exam.
The Insolvency Counselors Qualification Course.
An oral board of examination. Has been found to be a person of good character
and reputation. Has been cleared through an RCMP investigation.
What is a licensed insolvency trustee and how are their fees calculated?
There are set calculations and rules that all licensed insolvency
trustees must strictly follow when administering a bankruptcy or proposal.
Trustee fees are calculated and drawn
from the funds that have been paid into each individual proceeding.
Licensed insolvency trustees are not allowed to simply set their own fees
and rates. In most bankruptcies and proposals
the Licensed insolvency trustee fees are based on a tariff set by the BIA.
Unlike other professionals,
working with a Licensed insolvency trustee is not a fee for service.
This means that a phone call to discuss any questions you have or get ongoing
support throughout the process won't result in an invoice.
What is the Licensed insolvency trustee and how do I find one?
The best way to find one is through a referral from someone that you trust.
This could be your lawyer, accountant, a relative or a close friend,
someone you trust who refers you to someone they trust is always the best.
I take pride that my firm has
many times helped relatives of lawyers and accountants who we work with.
If they are willing to refer a family member to us,
that is the highest compliment anyone can pay to me as a professional.
You can also contact a local nonprofit credit counselling service.
There are two benefits to doing this.
A local nonprofit,
credit counselling organization is probably one of the most objective
places to find out about all your debt relief options.
They're not trying to sell you anything
and they're not paid on commission so they can actually help you look at all
your options and see if insolvency, a consumer proposal or bankruptcy, is your
best option or if there is something else that might make sense.
The OSB maintains a searchable database
of all licensed insolvency trustees in Canada.
You can search for a trustee located near you.
Finding a trustee near you may be convenient, but it will not give you
a sense of whether you feel you can work with that professional.
You can also also search for licensed
insolvency trustee or bankruptcy trustee in your favorite search engine.
Just be mindful that the companies who appear at the top of your search
results with the word "AD" next to their name have paid for that listing.
It has nothing to do with their expertise or rating.
Looking at the online reviews given by people
who have worked with them is a great way to start to get a feel for each
professional. If they write blogs or have videos posted online that will also help
to get a feel for the personality of the Licensed insolvency trustee.
What is the Licensed insolvency trustee
and have they been recognized by any rating agencies?
I am pleased to report
that for the fifth year in a row, Ira Smith Trustee & Receiver Inc.
has been voted as one of the top three licensed insolvency trustees in Vaughan, ON.
Yes, there are more than three!
It is gratifying to get recognition for the professional services we provide
and our commitment to full service and support for our clients.
So what is a licensed
insolvency trustee and how should I go about choosing one?
There are many factors that you must consider.
Below is our 12 step checklist to make the best choice for you.
What is a licensed insolvency trustee our
12 step checklist to help you find the best one for your situation?
Do they have the necessary qualifications?
How many cases like yours have they done before?
Do they go to court also, or do you have to hire a lawyer to do so?
Is bankruptcy right for you and is that your only option?
How much will it cost you? Will you be dealing with the actual licensee
ultimately responsible to the OSB for your file?
Will you only be seeing one of many clerks once you enter the insolvency process?
How did you feel after meeting the people
at their office after your initial consultation?
Do they practice exclusively in the bankruptcy and insolvency area?
Do they have experience in only personal insolvency matters,
only corporate insolvency matters or both?
Do they have enough experience and the time to handle your matter?
Will they communicate in a timely manner with you throughout?
As you can see when trying to answer what is a licensed insolvency trustee
and who is the right one for me question, there are many things to consider.
What is a licensed insolvency trustee summary?
I hope you found this.
What is a licensed insolvency trustee Brandon's Blog helpful?
Sometimes things are too far gone and more
drastic and immediate triage action is required.
Do you have too much debt?
Are you in need of financial restructuring?
The financial restructuring process has
complex the Ira Smith Team understands how to do it to do a complex restructuring.
However, more importantly, we understand the needs
of the entrepreneur or the person who has too much personal debt.
You are worried because you are facing significant financial challenges.
It is not your fault that you are in this situation.
You have been only shown the old ways that do not work anymore.
The the Ira Smith Team uses new modern
ways to get you out of your debt troubles while avoiding bankruptcy.
We can get you debt relief, freedom, the stress placed upon us.
Huge. We understand your pain points.
We look at your entire situation
and devise a strategy that is as unique as you and your problems.
Financial and emotion, emotional.
The way we take the load off of your
shoulders and devise a debt settlement plan.
We know that we can help you.
We know that people facing financial problems need a realistic lifeline.
There is no one solution fits all approach with the Ira Smith Team.
That is why we can develop a restructuring process as unique, as unique as the.
Financial problems and pain you are
facing, if any of this sounds familiar to you
and you are serious in finding a solution, contact the.