Licensed Insolvency Trustee

Quick Definition

A federally regulated professional who administers proposals and bankruptcies.

Full Explanation

A Licensed Insolvency Trustee is the only professional in Canada authorized to file consumer proposals and bankruptcies. They are regulated by the Office of the Superintendent of Bankruptcy and must offer a free initial consultation.

Related Terms

Consumer Proposal

A legal alternative to bankruptcy where you offer to repay a portion of your debts.

Bankruptcy

A legal process for individuals unable to repay debts, offering a fresh financial start.

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