Licensed Insolvency Trustee leaves firm to become an independent Practitioner

Checklist

This checklist should be used where the Licensed Insolvency Trustees (LITs) will be:

  1. Practising alone
  2. Sharing an office with other independent LIT(s)
  3. 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:

  1. LIT name and licence number
  2. Current firm (if applicable)
  3. Effective date of proposed change (i.e. date at which the LIT is joining new firm)
  4. New principal business address, telephone and fax numbers, Email
  5. Estate Conciliation–please choose the situation which applies to you:
    1. Transferring files to another LIT within the firm (name of the LIT)
    2. LIT keeping files (substitution)
  6. Personal balance sheet.
  7. 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.
  8. Evidence of insurance coverage for the applicant (professional liability insurance and employee dishonesty (fidelity) insurance).
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