08 Nov


A Licensed Insolvency Trustee, otherwise referred to as an Insolvency Practitioner, is someone registered with the Superintendent of Bankruptcy to administer bankruptcies and proposals made on behalf of the Insolvency Practitioner. The trustee carries out all obligations undertaken by their client in relation to the Insolvency Service. As the trustee, they are expected to carry out their duties and responsibilities with integrity, honesty, ethics and knowledge. Insolvency is a complex area of law and there is a great deal of risk for Insolvency Practitioners. Trustees must therefore undertake adequate training relating to insolvency, including taxation, risk management, business law, accountancy, debtor's law, court proceedings, bankruptcy and debtor's rights. They should also undertake a thorough knowledge of the Insolvency Code.

The Insolvency Service regulates a list of approved Practitioners who can practice as licensed insolvency trustees. All practitioners registered with the Insolvency Service are subject to audit at least once each year by the Regulator of Bankruptcy. All registered and potential trustees should ensure that they meet the minimum requirements of the Insolvency Practitioner Organization (IRO).

When a client approaches a licensed insolvency trustee for advice on the management of his or her debt, they will be advised how to reorganize their finances to avoid bankruptcy. A bankruptcy trustee will examine your financial records and advise you on how to restructure your debts and how to avoid insolvency. A licensed insolvency trustee will organize and file all of your debtor's debts with the applicable agencies and eliminate them. Once this is done, the trustee will distribute the debts among your creditors. Your creditors may choose to accept lower payments than the bankruptcy trustee offers, in exchange for having the debt satisfied. Get to know more at https://foxmiles.ca/bankruptcy/.

If your property has been sold and a judgment is recovered, your creditors may be able to recover their judgment by attaching your wages. To avoid wage garnishments, your licensed insolvency trustee will recommend that you hold off from wage garnishment. The recommendation is usually made when the trustee receives a referral from the Insolvency Service. Your wages can be garnished if the creditors fail to appear at the scheduled court date. Visit this website and learn more!

For more information, visit this link - https://en.wikipedia.org/wiki/Trustee_in_bankruptcy

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