bankruptcy experts in on Archives - Ira SmithTrustee & Receiver Inc.

Canadian bankruptcy expert introduction

There are several misconceptions when it comes to the Canadian bankruptcy expert known as a licensed insolvency trustee and that the role of the trustee is only for the bankruptcy process. It is true that a licensed insolvency trustee is the Canadian bankruptcy expert, but it is not the case that a licensed insolvency trustee only can administer Canadian bankruptcies.

Misconception # 1 is that trustees only deal with bankruptcy. Although you may know that a trustee is a Canadian bankruptcy expert, they’re also highly trained and educated debt consultants who, depending upon your particular circumstances, can offer you several alternatives which include credit counselling, debt consolidation and consumer proposals.
Misconception # 2 is that because it is a legal process, you need a lawyer. Although you may have heard many radio commercials telling you that you need a lawyer if you’re going to declare bankruptcy, and if you are dealing with income tax debt to keep using a certain lawyer and not a licensed insolvency trustee, this is simply not the case. Even though it is is a legal process, to file bankruptcy in Canada you need the services of a licensed insolvency trustee. In fact, bankruptcies and consumer proposals can only be administered in Canada through a licensed insolvency trustee.

What is the role of a trustee?

The Office of the Superintendent of Bankruptcy (OSB) licenses trustees to administer bankruptcy proceedings. When you file for bankruptcy, the trustee becomes the administrator of your property and assets.

Why use a trustee instead of a debt settlement company?

Debt settlement companies can’t administer a bankruptcy or a consumer proposal – ONLY a licensed insolvency trustee can. In addition a trustee:

is federally regulated
has undergone a background check by the RCMP before being granted a licence
is subject to a stringent code of ethics
maintains his/her competency by completing ongoing mandatory professional development each year
The Federal Government and the Court regulate trustees’ fees and for consumer matters, they are usually less than the fees of the debt settlement companies who make unsubstantiated claims

What should you do if you or your company have too much debt?

If you’re dealing with serious financial issues, contact a trustee, who is the Canadian bankruptcy expert. For the reasons already given, you should do this whether or not you’re contemplating filing. The reason is very simple: the licensed insolvency trustee will assess your situation, offer you all of your available options and will do this for you for free! You can’t find a better deal anywhere.

We’re experts in dealing with debt. Contact Ira Smith Trustee & Receiver Inc. today for a free consultation and you will be well on your way to regaining your former quality of life Starting Over, Starting Now. Read our blog next week when we’ll be discussing how to choose a licensed insolvency trustee.

Who says you qualify as bankruptcy experts in ON?

Ira Smith Trustee & Receiver Inc. is a licensed insolvency trustee, licensed to practise in the Province of Ontario (ON). In our recent vlog, #VIDEO: CHCH TV BANKRUPT: using shell companies legal but controversial experts say, Sean O’Shea, Global News, December 17, 2015, interviewed various experts on the CHCH TV bankruptcy. Mr. O’Shea sought licensed insolvency trustees as his bankruptcy experts in ON, and the one he chose was our Ira Smith of Ira Smith Trustee & Receiver Inc. We are also contacted by the Toronto Star when they wish clarification on insolvency issues for an article to appear in the newspaper.

So why are we sought out as bankruptcy experts in ON?

Here is our list:

We provide a free first consultation – Part of being an expert is professionalism. An expert licensed insolvency trustee will provide a free first consultation to prove expertise and to lay out all the possible options for the bankruptcy alternatives in addition to discussing the bankruptcy option.
We have the necessary qualifications – Mr. O’Shea checked us out with 3rd parties before determining that he would call our Firm as an expert. The reviews he received from those 3rd parties confirmed to him that he should call us as his bankruptcy expert. How do we know? We asked him why he called us as opposed to the many other licensed insolvency administrators in the GTA and he told us.
We regularly appear in the Bankruptcy Court and the Commercial List Court – We attend normally representing the Trustee ourselves in Bankruptcy Court, and with counsel in the Commercial List Court. We communicate well with and are trusted by the insolvency bar, the Bankruptcy Court Masters and the Commercial List judges. We are up on the Canadian bankruptcy laws and regulations. To me, that is the mark of an expert.
We always first consider the restructuring option – To me the sign of an expert is someone who understands the totality of their industry. An expert can assess a situation and provide the debtor with a range of options. Not all can be done and most of the time each comes with its own set of peculiarities, but we always put all the options on the table for the individual or corporate Director to consider. The amateur uses a cookie cutter with the same answer for every different situation. The expert thinks “out of the box” too. We always think “out of the box”
When you deal with us, our licensed insolvency trustees are always accessible – No matter how small or large the mandate, you will always be able to discuss issues of concern with either Ira Smith or Brandon Smith, our two licensed insolvency trustees. To us, the expert is a professional, and never too busy to be reachable and accessible, no matter what day or time it is. You will find that we provide a great deal of education and information on our website. We provide a great deal of bankruptcy information online. That is also the mark of an expert and professional.
How did you feel after meeting with us – The expert and professional always tries to be reassuring and provide recommendations on how to overcome the personal or corporate financial challenges, while not sugar-coating and always being realistic. That is how you will feel after consulting with us. You may not like what you hear, but it will be the best expert advice we can provide.
Do you regularly practice in the insolvency area – Our practice is limited to the insolvency area. We do not do any other type of work. That is why others call us bankruptcy experts in ON. As a result, we know and can explain in layman’s terms the Canadian bankruptcy laws.
Our experience is in personal insolvency and corporate insolvency – Given the range of experience of our licensed insolvency trustees and other senior staff, Ira Smith Trustee & Receiver Inc. can handle all types of insolvency work from the smallest no asset consumer file to the large complex corporate restructuring under the Canadian Bankruptcy Act, either the Bankruptcy and Insolvency Act (Canada) (BIA) or the Companies’ Creditors Arrangement Act (Canada) (CCAA).
Will you communicate in a prompt manner – Part of being a professional and expert is that we always communicate with stakeholders. It does not matter whether you are the party that referred us the work, you are the Debtor or you are a creditor, if you are a stakeholder, then you deserve timely and accurate communication. That is what being a professional and an expert is all about.
How do you charge for your work – An expert and professional is upfront about the cost of performing the work. We always have that discussion with stakeholders. You will find that we never shy away from that discussion so that there are no surprises for anyone. You will find that although our expertise is as a large firm, our pricing is that of a small firm.

What to do if you or your company has too much debt?

If you or your company are facing financial challenges and do not know what to do, contact Ira Smith Trustee & Receiver Inc., one of the bankruptcy experts in ON. Obtain a free consultation from a licensed insolvency trustee to understand the options available either as an alternative to bankruptcy or of bankruptcy itself. We are professionals, federally regulated, licensed and subject to a strict code of ethics. We can help; Starting Over, Starting Now you can live a debt-free life.