The authorized trustee in insolvency, also called trustee in bankruptcy, is a professional who assists you in resolving your financial difficulties. He can advise you to declare bankruptcy and adopt new solutions. Moreover, he is the only expert authorized by the Bankruptcy and Insolvency Act to administer bankruptcy and proposal files. The federal government regulates its activities. This article will help you learn more about the authorized trustee in insolvency.
Actions Taken by the Authorized Trustee in Insolvency
– In Matters of Personal Insolvency:
First, this professional evaluates your financial situation by drawing up a balance sheet of your finances. Then, he or she proposes a solution adapted to your problem. This can be advice from a firm, mediation, debt consolidation, or a consumer proposal and bankruptcy. Afterward, he will contact your creditors, the court, and the Office of the Superintendent of Bankruptcy to relieve you of stress and worries. In addition to giving you advice, he can also provide you with training on good personal financial management practices.
– In Matters of Commercial Insolvency
The licensed trustee in insolvency develops a financial diagnosis while proposing solutions adapted to whether the company is viable or not. This can be a commercial reorganization, a commercial bankruptcy, a proposal, or a voluntary liquidation.
The Advantages of Using a Licensed Trustee in Insolvency
Whether you are under financial stress or your nights are disrupted because of your debts, it is to your advantage to solicit the service of a licensed insolvency trustee to settle your debts.
– A Lower Cost
In most cases, using a licensed trustee in insolvency costs less than dealing with other advisors or accountants. The government regulates trustee fees. In addition, the first consultations with a trustee are always free. All trustee fees are included in the bankruptcy or consumer proposal payments, with no additional or hidden fees. Furthermore, the costs are affordable and spread over several months. Generally, this represents a fraction of the total amount of your debts.
– A Full Range of Options
They are the only professionals authorized to handle state-regulated insolvency procedures, allowing you to get out of debt. Moreover, before discussing bankruptcy, the licensed insolvency trustee always outlines all possible alternatives—the composition proposal, the consumer proposal, debt consolidation, etc. The expert can even recommend the solution best suited to your situation.
– A Trained and Qualified Professional
Your finances should not be entrusted to just anyone. By consulting a licensed insolvency trustee, you benefit from valuable advice tailored to your financial problems. You also benefit from the services of a qualified professional with very strict ethics. Therefore, you can be sure that you are dealing with someone who has the knowledge, experience, and skills necessary to obtain a license from the Office of the Superintendent of Bankruptcy.
– Trusted Guidance
The assistance provided by a licensed trustee in insolvency is akin to guidance and collaboration based on trust. You are not alone; he will guide you throughout the process and will always be available to answer all your questions. His sole objective is to ensure that the work undertaken is successful so that you can enjoy a debt-free life. Furthermore, being accompanied by a familiar person with bankruptcy and insolvency laws guarantees that the procedures will be carried out correctly and efficiently.