Can anyone be a Trustee in Bankruptcy?

October 12, 2012 9:56 pm Published by

To become a Bankruptcy Trustee generally the first step is to obtain a 4-year university Degree and then complete an in-depth 3-year course of study and examination. Once a candidate has qualified and passes all of the written tests, an Oral Board of Examination is set where the OfficeoftheSuperintendentofBankruptcy,a lawyer who is familiar with insolvency law and a working Trustee review the potential Trustee for their level of competency. Only if all of these tests are passed will the Office of the Superintendent of Bankruptcy issue a license to practice to the Trustee.

A Bankruptcy Trustee is a highly respect insolvency professional. The Trustee designation signifies years of in-depth study, work experience, competence and commitment to the highest of professional ethics and objectivity. In Canada approximately 95% of Bankruptcy Trustee’s are members of the CAIRP (Canadian Association of Insolvency and Restructuring Professionals). Chartered Insolvency and Restructuring Professionals (CIRP) must maintain highest standards of conduct. The Rules of Professional Conduct, which set these high standards, are, first and foremost, to protect the public. Secondly, they are to ensure that all parties are treated with respect, courtesy and integrity.