A Licensed Insolvency Trustee is a person licensed by the Office of the Superintendent of Bankruptcy (OSB) to administer bankruptcy and proposal estates. An officer of the Court, the trustee must look after the rights of the creditors and to investigate the affairs of the debtor, as required. The trustee also ensures that the rights of the debtor are not abused. According to the OSB the trustee: Reviews and counsels debtors on available alternatives Prepares official documentation that is both filed with the OSB and used to notify creditors Ensures the validity of creditors’ claims Ensures that debtors are provided with mandatory counselling and access to mediation services if there is a dispute regarding any income they are required to contribute Sells the debtor’s assets, except those exempt from seizure by provincial and federal laws, and hold the proceeds in trust for distribution to creditors Administers the bankrupt estate from beginning to end Assesses the debtor’s conduct both before and during a bankruptcy, as well as the cause(s) of the bankruptcy; and Arranges for (and if necessary reports all of the above to the Court) for the bankrupt’s application for a discharge (in the case of individual debtors)
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