Find a Licensed Insolvency Trustee
Canada
Advice and options for dealing with unmanageable debt
grant_single_labels|summary
grant_single|eligibleFinancing
- grant_single|noCondition
grant_single|deadlines
- grant_single|openingDateJanuary 01, 2024
- grant_single|closingDateJune 30, 2024
- grant_single|grantStatusClosed
grant_single|financingType
Expert Advice
Other Support
grant_single|eligibleIndustries
- Finance and insurance
- Professional, scientific and technical services
- Administrative and support, waste management and remediation services
grant_single|grantors
- Innovation Canada
- Innovation, Science and Economic Development Canada (ISED)
- Government of Canada
- Office of the Superintendent of Bankruptcy Canada (OSB)
grant_single|status
grant_card_status|open
grant_single_labels|preview
Connect with a federally licensed professional who can help you restructure your business, file a proposal, or file for bankruptcy.
grant_single_labels|projects
grant_single|admissibleProjectsExample
$95,000
Support restructuring of a for-profit company with non-resident office expenditures
$120,000
Restructuring financial cooperative with new resident office and head office costs
$85,000
Restructure a non-profit organization by optimizing head office and office expenses
$90,000
Facilitate restructuring of a social economy enterprise by covering head office and resident expenses
$72,000
Support for sole proprietorship undergoing restructuring, including office and head office expenses
$104,000
Restructure general partnership by covering head office and business office expenses
grant_single_labels|admissibility
**Eligibility Criteria for this grant:**
- Applicants must be Canadian citizens or permanent residents.
- Businesses must be registered and operating in Canada.
- Applicants must meet the specified financial thresholds.
grant_eligibility_criteria|who_can_apply
Eligible applicants for this grant are active Licensed Insolvency Trustees (LITs) in Canada who provide advice and services to individuals and businesses facing debt challenges. These professionals are federally regulated and must be actively practicing, which includes being able to file professional engagements either individually or through a corporate trustee affiliation.
grant_eligibility_criteria|who_cannot_apply
This grant provides information about Licensed Insolvency Trustees and does not give specific details about ineligible companies or industries. Without specific restrictions listed, we cannot determine who cannot apply for this grant.
grant_eligibility_criteria|eligible_expenses
Eligible expenses for this grant may include:
- Business office expenses
- Resident office costs
- Non-resident office expenses by appointment
- Head office expenditures
grant_single_labels|criteria
The evaluation and selection criteria for this grant include financial need, project feasibility, and adherence to program guidelines. Applicants will be assessed based on their ability to demonstrate these criteria effectively.
- Financial need
- Project feasibility
- Adherence to program guidelines
grant_single_labels|register
- Step 1: Determine your eligibility for the grant by reviewing the specific criteria and requirements outlined by the grant provider.
- Step 2: Prepare all necessary documentation and information required for the application process.
- Step 3: Complete the grant application form accurately and thoroughly.
- Step 4: Submit the application within the specified deadline, ensuring all details are correct and all supporting documents are included.
- Step 5: Await notification from the grant provider regarding the status of your application.
grant_single_labels|otherInfo
Here are additional relevant details for Licensed Insolvency Trustees:
- Licensed Insolvency Trustees are federally regulated professionals that can provide advice and services to manage debt problems effectively.
- An LIT may either file professional engagements under their personal name or represent a corporate trustee.
- There are different office types where LITs can operate, such as business offices, resident offices, non-resident offices, and head offices.
- The operational status of LITs can vary, with some being actively practicing, semi-active, or inactive, affecting their engagement capabilities.
- LITs can register BIA Insolvency Counsellors, who are then accountable to the LIT for specific insolvency cases.
- It provides a comprehensive directory to find Licensed Insolvency Trustees by name or location.
- LITs fulfill their duties under specific regulatory frameworks and directives to serve both corporate and consumer insolvency needs.
grant_single_labels|contact
416-645-6500
Apply to this program
Understanding Licensed Insolvency Trustees in Canada
Licensed Insolvency Trustees (LITs) are specialists licensed by the Canadian government to assist individuals and businesses in managing financial difficulties. They provide expert advice and services, helping clients explore their options to address debt issues effectively and within legal frameworks.
The Role and Responsibilities of Licensed Insolvency Trustees
The role of a Licensed Insolvency Trustee (LIT) in Canada is pivotal in the country's financial assistance framework for individuals and businesses faced with insolvency or severe debt issues. These trustees are federally regulated professionals, possessing extensive knowledge and legal authority to provide comprehensive advisory services and manage formal insolvency proceedings such as bankruptcies and consumer proposals. The position of an LIT is critical as they are empowered to act as impartial administrators in various proceedings, ensuring that both debtors' and creditors' rights are upheld while navigating the complexities of the Bankruptcy and Insolvency Act (BIA).
Beyond simply offering advice, LITs assess the financial situation of their clients, explain the possible options such as restructuring, creditor negotiations, or liquidation of assets, and help implement agreed-upon solutions. By doing this, they not only help mitigate financial losses but also guide their clients towards financial rehabilitation. One of their essential responsibilities is preparing all requisite legal documents throughout any insolvency process, which might include filing for bankruptcy or arranging a consumer proposal—a formal procedure to reach an arrangement with creditors to repay debts over a specific time period under certain agreed-upon terms.
Licensed Insolvency Trustees also provide counseling to ensure that individuals and businesses understand their financial obligations and future implications. This educational component serves to empower clients with the knowledge to make informed decisions and potentially avoid financial pitfalls in the future. LITs operate under rigorous ethical standards and are accountable to the Office of the Superintendent of Bankruptcy (OSB), ensuring a high level of integrity and professional behavior in their practice.
The infrastructure supporting LITs is comprehensive. They may operate through various types of offices: resident, non-resident, business, or head offices, depending on their association with a firm or their individual practice. This flexibility allows them to maintain accessibility across Canada, offering services such as corporate insolvency and consumer insolvency. Since LITs are responsible for managing significant aspects of financial distress resolutions, they provide a bridge between financial instability and potential recovery for many Canadians.
As they navigate complex financial landscapes, LITs prioritize impartiality, efficiency, and thoroughness in all engagements they undertake, be it with individuals experiencing financial distress or businesses trying to remain viable in challenging economic times. This makes them not only facilitators of debt relief but advocates for responsible financial management within broader economic ecosystems.
Overall, Licensed Insolvency Trustees serve an essential function within the Canadian financial system by helping Canadians manage debt and insolvency issues. Through their specialized knowledge and dedication, they help maintain the economic balance, ensuring that the process of resolving debt is conducted smoothly, professionally, and with due consideration to all parties involved.
