Why Was There a Trustee Name Change?

Bankruptcy Trustee Name Change

Why Trustees Are Called Licensed Insolvency Trustees

Trustee Name Change - Why Did Trustees Change Their Name?This name change was made by the Office of the Superintendent Bankruptcy and took effect on April 1, 2016. Permission was given for trustees to use this designation prior to April 1, 2016. The OSB decided to make this change to provide a better understanding of the full range of debt relief options that a Trustee can provide. A LIT (Licensed Insolvency Trustee) can provide a full range of insolvency options, and are not just for filing bankruptcy.
A Trustee can provide assistance with bankruptcy, debt counselling, filing a consumer proposal (in which case they are known as a “Licensed Consumer Proposal Administrator“), and other debt relief solutions. The Office of the Superintendent Bankruptcy requires this change so the public knows that the trustee has a valid license issued by the Superintendent of Bankruptcy. Trustees will have to identify themselves in all advertising as Licensed Insolvency Trustees. Originally the Office of the Superintendent of Bankruptcy was considering using the designation “Licensed Trustee in Insolvency and Restructuring” or the acronym “LTIR”. Many trustees objected to this name as being awkward and confusing.

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Regardless of what you call them, trustees still provide the same exceptional service and dedication to helping people get their debts under control. Only a licensed insolvency trustee can provide bankruptcy services, consumer proposal services and can help with budgeting, credit counselling and debt settlement plans. If you are struggling with debt, a licensed insolvency trustee is your best friend and the main financial professional to know!


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