MNP Limited Killarney, MB Licensed Insolvency Trustee

MNP Limited, 204-800-1634
501 Broadway, Box 550, Killarney, MB, R0K 1G0

 

The trustee is an officially appointed professional who carries out the responsibilities bestowed upon them by the Superintendent of Bankruptcy.

 

The Licensed Insolvency Trustee or LIT work on the function concerning the business or personal bankruptcy as mentioned in the Bankruptcy and Insolvency Act (BIA).

 

The act defines the role of insolvency trustee so that the debtors have clear guidelines when revealing their financial information for repayment of the debt.

 

MNP Limited Killarney, MB Licensed Insolvency Trustee

501 Broadway
Box 550,
Killarney, MB R0K 1G0
Canada
Phone: 204-800-1634

As insolvencies are on a rising trend in Canada, the trustees have a crucial role to play.

 

Thousands of bankruptcies are filed by Canadians every year.

 

Numbers vary in terms of personal and business-related bankruptcy cases.

 

Licensed Insolvency Trustee in Killarney

 

The primary role of trustee in Killarney is to manage the debt options of the debtors in Canada and support the functions, specifically paperwork and documentation for the Office of Superintendent of Bankruptcy.

 

They directly work on bankruptcies and consumer proposal.

 

While working out the consumer proposal or bankruptcies with a trustee, some key points for debtors to note are:

 

  • Trustee’s charges (20% of the amount) are included in the amount offered to creditors as the debt relief option or consumer proposal.
  • In bankruptcies, the fee of the Trustee is also regulated by the federal government.
  • Trustee’s administration fee is categorized as either summary or ordinary depending upon the related factors in a bankruptcy filed.

 

A Trustee’s Role

 

The Trustee offers debt solutions in the form of a consumer proposal and administers the insolvency cases under the direct permission of the court. Another vital function of the trustee in Killarney, Canada is to deal with creditors for which they closely work on the debt settlement amount, on behalf of the debtor.

 

The authority to provide the license to function as a trustee lies with the Superintendent of Bankruptcy in Killarney, Canada.

 

In directive no. 13R6 pertaining to Trustee Licensing, the Superintendent of Bankruptcy judges the character, solvency status, relative program, and examination status of the Insolvency Trustee before assigning them with the license.

 

Under the BIA, the trustees are also expected to follow the code of ethics for carrying out the crucial functions of providing debt solutions and acting as per the pre-defined guidelines.

 

The trustee is liable to work transparently with creditors and debtors while avoiding any conflicts which may arise pertaining to financial information.

 

He/she is also expected to maintain high standards of moral conduct and publicize genuine information related to the role of LIT.