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 or the Practical Course on Insolvency Counselling; 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 attend the oral boards using the new online application.
Online Application for Trustee Licence
Candidates will now apply for a trustee licence using the new OSB Licence Administration Application (OLAA). Upon successful completion of the Competency-Based National Insolvency Examination, candidates will receive an email invitation to apply for a licence. This email will contain a link to the OLAA with instructions on how to complete the Application for Trustee Licence electronically.
If you have previously participated in an oral board but did not receive a licence, you should have received an email invitation to reapply for a licence online. If you did not receive an invitation, you are asked to email OSB Licensing.
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