Streamlined Process for Lifting Limitations Imposed on a Trustee Licence
The Office of the Superintendent of Bankruptcy (OSB) has adopted a streamlined process to lift limitations on trustee’s licences issued prior to 2013 that are subject to limitations to practise only in consumer or corporate insolvency matters.
Prior to 2013, licences were occasionally issued with a limitation and those limitations could only be lifted following the successful completion of an ad hoc Oral Board of Examination. With the adoption of a competency-based licensing model by both the Canadian Association of Insolvency and Restructuring Professionals and the OSB, Oral Boards are no longer structured with a primary focus on testing knowledge. As such, the OSB has amended the process by which licence limitations can be lifted.
This process is intended to provide an efficient method for Licensed Insolvency Trustees (LIT) to have licence limitations lifted where they have:
- taken steps to acquire sufficient competency and knowledge to practise in the other practice area such that they will not put the integrity of the insolvency system at risk;
- worked in active practice in the insolvency field for at least two years to ensure they have gained a sufficient breadth of experience; and
- completed a minimum of 20 hours of professional development activities in the field of insolvency generally in the previous two years to ensure that they have remained current and informed in insolvency matters.
LITs who currently possess a limited licence and who wish to commence practising in the area of limitation may complete the Request to Lift Licence Limitations form and submit it by email, mail or fax to OSB Licensing. The request will be analyzed upon receipt and, providing the requirements are met and the LIT has continued to satisfy all conditions associated with their licence, a recommendation will be prepared for the Superintendent’s consideration. LITs will be notified of the decision via email within 60 days.
155 Queen Street, 4th floor
Ottawa, Ontario K1A 0H5
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