What is a Bankruptcy Trustee?
If you need to file for a consumer proposal or bankruptcy in Canada, you must use the services of a bankruptcy trustee. Trustees are licensed by the Superintendent of Bankruptcy, which is a government agency overseen by Industry Canada. Trustees are professional debt consultants with extensive knowledge of money management and the resources available to debtors in financial trouble.
Trustees provide advice regarding bankruptcy and consumer proposals. It is their responsibility to ensure the rights of both debtors and creditors are respected and all laws are followed. The trustee also provides general financial counseling and can suggest alternatives to bankruptcy.
The trustee is responsible for calling all creditor meetings and sending all required notifications. If you need independent legal advice, they can also suggest lawyers who specialize in bankruptcy and insolvency issues.