Licensed Insolvency Trustee leaves firm to become an independent Practitioner
This checklist should be used where the Licensed Insolvency Trustees (LITs) will be:
- Practising alone
- Sharing an office with other independent LIT(s)
- Forming a partnership with other independent LIT(s)
Where the LIT wants to practice under a corporate licence, the checklist Request to Obtain a Corporate Licensed Insolvency Trustee Licence should be used.
In accordance with Directive No. 13R6, Trustee Licensing, such a change requires the prior approval of the Superintendent of Bankruptcy.
A written request for such approval must be submitted to the Licensing Section of OSB.
Please provide the following information/documentation to the Licensing Section:
- LIT name and licence number
- Current firm (if applicable)
- Effective date of proposed change (i.e. date at which the LIT is joining new firm)
- New principal business address, telephone and fax numbers, Email
- Estate Conciliation–please choose the situation which applies to you:
- Transferring files to another LIT within the firm (name of the LIT)
- LIT keeping files (substitution)
- Personal balance sheet.
- Details of necessary resources (work facilities, equipment and personnel) that will be at the LIT's disposal in the execution of his/her duties as an LIT, and of banking arrangements.
- Evidence of insurance coverage for the applicant (professional liability insurance and employee dishonesty (fidelity) insurance).
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