How to Become a Licensed Insolvency Trustee

The Superintendent of Bankruptcy has the authority, under the Bankruptcy and Insolvency Act (BIA), to grant licences to Licensed Insolvency Trustees. Before granting a licence, however, the Superintendent must be satisfied that candidates meet certain qualifications, as described in Directive No. 13R6, Trustee Licensing. They must, for example:

  • be of good character and reputation,
  • be solvent;
  • successfully complete the Chartered Insolvency and Restructuring Professional (CIRP) Qualification Program (CQP), the CIRP National Insolvency Exam and the Insolvency Counsellor’s Qualification Course; and
  • pass an Oral Board of Examination.

Chartered Insolvency and Restructuring Professional Qualifications Program

The Canadian Association of Insolvency and Restructuring Professionals (CAIRP) is responsible for the Chartered Insolvency and Restructuring Professional Qualification Program.

Oral Board of Examination

The Office of the Superintendent of Bankruptcy is responsible for the Oral Board of Examination process. Candidates who have completed the prerequisites can apply for an invitation to the oral boards using Form 2—Application for Trustee Licence.

The deadline for 2016 Applications for Trustee Licence was January 22, 2016.

Teleconference

All candidates were invited to participate in a teleconference in January 2016, where an OSB representative delivered the presentation which was given to attendees at the CAIRP Tutorial in September 2015 and answered any questions candidates had.

Plan and Prepare

The following information is provided to assist candidates in planning and preparing for the Oral Boards of Examination.

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