As of April 1, 2016, the Federal Government—more specifically the Office of the Superintendent of Bankruptcy (OSB)—requires all Trustees in Bankruptcy to implement the titular designation of Licensed Insolvency Trustee (LIT). So, what does that mean for the professionals at Crowe MacKay & Company? Rather than referring to ourselves as a bankruptcy trustee in Vancouver like we used to, we are now obligated to identify ourselves as a Licensed Insolvency Trustee, or LIT.
The new LIT designation can only be used by professionals who have successfully completed the rigorous training, education and examinations required to be licensed with the Office of the Superintendent of Bankruptcy. We have met these requirements and can effectively provide all of the services you need. Our company is comprised of trained and courteous people who are all here to help you!
Having the LIT designation means that we are the only professionals authorized to handle insolvency proceedings, including bankruptcy and consumer proposals. There are several reasons to consult an LIT:
Insolvency is generally defined as a situation where your liabilities exceed your assets and, accordingly, the inability to settle your obligations in the ordinary course of business.
If you are facing a situation where creditors are demanding payment but you find that there is simply no reasonable prospect of repaying them given your current financial situation, you should get in touch with a Licensed Insolvency Trustee to review your options.
LIT’s can help you in many ways. We can:
The wonderful people in this community have counted on us to be their bankruptcy trustee in Vancouver for many years, and they can still expect an excellent relationship with us now that we're a Licensed Insolvency Trustee.
The Canadian Association of Insolvency and Restructuring Professionals (CAIRP), which represents nearly 1,500 insolvency professionals across Canada, eagerly welcomed this change. The new designation is one that many people in the industry have waited a long time for because it creates an opportunity for insolvency professionals to clearly differentiate themselves from unlicensed service providers. Before this change, it was often difficult to determine licensed individuals from inlicensed ones, which we feel was a big problem. You should know exactly who you're working with and what their title means about their training.
The new designation also helps in removing the lingering fear people may have in speaking with a bankruptcy trustee. That trepidation could be be what is stopping them from contacting a professional in the first place!
A LIT can provide you with reliable and accurate advice regarding debt management solutions from informal arrangements with your creditors to a formal proposal to creditors or bankruptcy if ultimately necessary. To learn more about your debt relief options, schedule a free consultation with our bankruptcy trustees in Vancouver.