In Canada and Quebec, one cannot improvise himself a bankruptcy trustee. In fact, the profession is highly regulated and to get a trustee license, a person must comply with many requirements.
The Superintendent of Bankruptcy
The Office of the Superintendent of Bankruptcy Canada is responsible for reviewing trustee license applications under the Bankruptcy and Insolvency Act (BIA). This government agency is responsible for verifying if the future trustee meets the requirements set by the BIA.
The requirements to become a trustee
To qualify as a trustee, a person must hold a Canadian university degree or five (5) years of relevant experience in the field of bankruptcy. An individual who is member of a recognized Canadian professional association may also qualify.
To become a trustee in bankruptcy, the candidate must have a good reputation and have not been convicted of a criminal or economic offense for which he has not been pardoned. The Superintendent is severe to ensure that a trustee will not erode the public confidence in the insolvency process.
The Superintendent also evaluates the abilities, skills, understanding, professionalism, judgment and work ethic of the future trustee to ensure that he will be able to serve his clients well.
The training of the trustee
Then, the candidate for a trustee license must successfully complete the Chartered Insolvency and Restructuring Professional Qualification Program, also known as the CIRP Qualification Program (CQP). This course is offered by the Canadian Association of Insolvency and Restructuring Professionals (CAIRP) which is a professional association representing the majority of bankruptcy trustees.
The candidate must also successfully complete the Insolvency Counsellor’s Qualification Course given by CAIRP in addition to being considered a person who is solvent and has not resorted to bankruptcy in the last five (5) years.
You want to become a trustee?
If this path interests you, you should also consult the official documents on the website of the Office of the Superintendent of Bankruptcy Canada.
