How to Become a Bankruptcy Trustee

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How to Become a Bankruptcy Trustee Anyone who finds themselves in the position of having to file for bankruptcy will have to deal with a bankruptcy trustee. The bankruptcy trustee is a source of knowledge and guidance, and is an invaluable part of the whole process. What Is a Bankruptcy Trustee?
Published : Thursday, February 14, 2013
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Number of pages: 11
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How to Become a Bankruptcy Trustee
Anyone who finds themselves in the position of having to file for bankruptcy will have to deal with a bankruptcy trustee. The bankruptcy trustee is a source of knowledge and guidance, and is an invaluable part of the whole process.
What Is a Bankruptcy Trustee?
A bankruptcy trustee is a person who has been licensed by the Superintendent of Bankruptcy in Canada to work with insolvent people and administer bankruptcies.
The bankruptcy process tends to move along more smoothly when a bankruptcy trustee in Montreal is involved. Bankruptcy is a stressful time for most people, so having an expert helping you makes things a lot easier.
Bankruptcy Trustee Job Description
The primary duty of a bankruptcy trustee Montreal is to file for bankruptcy on your behalf. However, that isn’t all they do. A trustee will also:
• Manage and sell your assets when necessary • Deal with your creditors so you don’t have to • Provide debt counseling • Advise you on the best course of action • Help construct a plan to get you back on track
How to Become a Bankruptcy Trustee
Becoming a bankruptcy trustee is not a simple process. Every bankruptcy trustee must meet very strict guidelines in order to be licensed by the Superintendent of Bankruptcy.
There are several prerequisites to meet and follow up criteria in order to hold this important distinction.
Prerequisite Qualifications
In order to even be considered as a potential bankruptcy trustee Montreal candidate, you must first have either a university degree or at least five years of relevant job experience.
Anyone without either of these prerequisites likely won’t be allowed to continue on with the process. The position of bankruptcy trustee is taken seriously by the government and getting off to a good start is imperative.
Trustee Certification
In order to be certified as a bankruptcy trustee, each candidate must successfully complete the CIRP Qualification Program. This program was designed by the Canadian Association of Insolvency and Restructuring Professionals, and an exam must be written and passed at the the end of the program.
If you pass the written exam, you may be invited to take the oral exam. You also have to take the Insolvency Counsellor’s Qualification Course, and you must not have been bankrupt yourself within the past five years.
Investigations
As part of the ‘becoming a bankruptcy trustee’ process, the Superintendent also carries out detailed investigations on each candidate. He wants to ensure that all of the information provided is true, and that issuing a license won’t diminish the public’s view of the bankruptcy process.
An oral exam is the final determination of whether a candidate has the necessary knowledge, skills and professionalism to perform the job.
Reputation It is up to the Superintendent to determine whether or not a candidate has the reputation and character to be a successful bankruptcy trustee. This determination is based partially on the information provided by the candidate and the investigation carried out by the Superintendent.
If the Superintendent feels that a candidate has a questionable reputation or character, it can influence whether or not a license is issued.
Suitability
Along with the prerequisites and reputation, the suitability to do the job right is a key factor. This is determined during the oral examination, which is held by the Office of the Superintendent of Bankruptcy one time each year.
Suitability covers areas such as judgment, understanding, knowledge, ethical standards and professionalism.
Advice
• André Gabbay et Associés Inc. offers free consultations in complete confidentiality. They are located at 625 Boulevard René-Lévesque Ouest Montréal, QC H3B 1R2 (514) 398-9850. For more information, visit http://www.agabbayetassocies.com/?lang=en.
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