Request to obtain a corporate licence

Licensed Insolvency Trustees (LIT) are to submit requests for a corporate licence in the OSB Licence Administration Application (OLAA).

Pursuant to paragraph 13 of Directive 13R6, Trustee Licensing, the following prerequisites are required to apply for a corporate licence:

  • (a) The applicant shall be a corporation incorporated under an Act of Parliament or the legislature of a province;
  • (b) The applicant shall be solvent;
  • (c) The applicant shall obtain prior approval of the proposed corporate name from the Superintendent and the appropriate federal or provincial regulatory body regarding the proposed corporate name; and
  • (d) The applicant shall satisfy the corporate requirements under paragraphs 31 to 41 of this Directive.

Checklist

1. Prior approval of new corporate name by the Superintendent

    1. LITs are to submit requests for prior approval of a proposed corporate name directly in OLAA;
    2. To submit more than one option for the proposed corporate name, you may submit multiple requests;

      N.B.: The proposed corporate name shall comply with paragraph 31(1) of Directive 13R6, Trustee Licensing:

      (1) Subject to paragraphs 31(2), 32 and 33 of this Directive, the name of a corporate trustee shall only be composed of the names of one or more trustees or accountants that are practising or have actively practised either as trustees or accountants. In addition to the aforementioned requirements, the corporate name may include the first letter of the surname of one or more of the trustees or accountants that are practising or have actively practised either as trustees or accountants.

2. Once the proposed corporate name has been pre-approved

    1. OSB Licensing will inform you when your proposed name has been pre-approved. You may also verify the status of your request directly in OLAA;
    2. You may now commence your application for a corporate licence directly in OLAA;
    3. The following will need to be provided in your request:
  1. The original or a certified true copy of the constituting documents (letters patent, certificate of incorporation, memorandum or articles of association, and other pertinent documentation);
  2. The address of the head office and of every other office or place of business from which the corporate trustee intends to provide bankruptcy services;
  3. A personal balance sheet of the firm’s managing trustee (as of the date of this application);
  4. The name, residential address and occupation of each shareholder and of each person having a direct or indirect proprietary interest in the corporation (including the beneficial owner, if applicable);
  5. The number of shares (or proportion of total shares) and the classes of shares held by each shareholder in the corporation;
  6. A list of every trustee who is simultaneously a shareholder (or financial backer) of this corporation and of any other corporate trustee, and all relevant details (i.e., names of those corporate trustees, and the district[s] in which they operate);
  7. The name, residential address and occupation of each director and of each officer of the corporation;
  8. The name and business address of every licensed trustee who will practise in an office or place of business of the corporate trustee;
  9. Proof of insurance coverage (professional liability insurance and employee dishonesty [fidelity] insurance); and,
  10. A payment of $300 payable to the Receiver General for Canada.

The following information must also be sent to your local Division Assistant Superintendent:

  1. Details of necessary resources (work facilities, equipment and personnel) available for each office from which the corporate trustee intends to provide bankruptcy services, and of banking arrangements.
  2. If a trustee responsible for the administration of estates is replaced, a letter indicating which trustee will assume responsibility for those estates, and the signature of that trustee confirming his/her acceptance of the transfer.
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