As of April 1, 2016, the Federal Government—more specifically the Office of the Superintendent of Bankruptcy—requires all Trustees in Bankruptcy to implement the titular designation of Licensed Insolvency Trustee. 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.
Please keep in mind that the nature of our work isn't going to be affected – the only change is on our nameplates. Our duties and dedication to you will remain the same.
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!
We're Still Your Trusted Bankruptcy Trustee in Vancouver
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 licensed 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 fear could also be what is stopping them from contacting a professional in the first place! It's now easier to understand that Licensed Insolvency Trustees provide a wide range of debt management solutions other than bankruptcy, which may include proposals to creditors.
If you have any questions or concerns about this title terminology change, please don't hesitate to contact us.