Do you want to be the master of bankruptcy? How to become leader in bankruptcy in Montreal?
If you are seeking answers for these questions then you are at a right page.
Here, we will talk about the process which needs to be followed thoroughly by an individual to become a leader in bankruptcy.
In Montreal, the leader who deals with bankruptcy cases are known as licensed bankruptcy trustee. These trustee works as per the guidelines set by Government of Canada under the Bankruptcy and Insolvency Act. This act sets certain guidelines under which bankruptcy process works.
The licensed bankruptcy trustees receive the licenses from Office of the Superintendent of Bankruptcy department post clearing the examination. Hence, the licensed bankruptcy trustees are the leader in bankruptcy in Montreal who deals with all bankruptcy related concerns for the creditors.
How to become leader in bankruptcy in Montreal
1. Basic Eligibility
Below pointers will help an individual to understand the basic criteria required for becoming a leader of bankruptcy i.e., licensed Bankruptcy trustee.
- Minimum 5 years of bankruptcy experience is required or should possess a Canadian university degree
- Should not be declared bankrupt/insolvent within 5 years
- Should have a good character without any criminal record
- Should have cleared basic examination with the oral examination
2. Mandatory Requirement
a. National Insolvency examination
Post clearing this competency examination, candidate needs to submit link for OSB license Administration Application (OLAA) which will be received via e-mail. The e-mail will have detailed instructions explaining the process to submit the form. The request needs to be submitted electronically.
b . Oral examination
It is one of the important parameter wherein oral examination is been conducted by the superintendent of bankruptcy. To gain oral examination invitation, online request will be raised by the candidate
c. CIRP- Chartered Insolvency Reconstructing professional program
This program is fully governed by The Canadian Association of insolvency and reconstructing Professional
We have gone through all the basic and mandatory eligibility criteria which will help individuals to know how to become leader in bankruptcy in Montreal.
Roles And Responsibility
1. Will help in all legal issues related to bankruptcy and insolvency
The licensed bankruptcy trustee will help in debt settlement. They provide, counseling to understand the financial issue in all bankruptcy and insolvency cases. Any business or person who is suffering with financial issue or losses should consult them for the best solution.
2. No extra cost levied
The Canadian government governs all the charges as per bankruptcy and insolvency act. The estimation for filing the bankruptcy case will cost approximately $200. Rest can be variable as per the scenario.
3. Debtors not require to deal with creditors directly
The licensed bankruptcy trustee will deal directly with the creditors on your behalf. Once the bankruptcy case is filed, you don’t need to worry about the licensed bankruptcy trustee will manage start to end task
4. Skillful and knowledgeable agents
The licensed bankruptcy trustee has cleared the various examinations to attain this license. Hence, they are full of knowledge which helps them to tackle the insolvency and bankruptcy cases well.
These were few roles and responsibilities which need to abide by a licensed bankruptcy trustee to become the leader in the bankruptcy process by accepting the Bankruptcy and Insolvency Act.
The Bankruptcy and Insolvency Act
Let’s see how we can use Bankruptcy and Insolvency act to become a leader in the bankruptcy process.
This act is administrated by Government of Canada in which certain rules and regulations have been set to keep a non-biased and fair environment for all.
This act helps the trustee to deal with their clients with transparency and healthy environment so that bankruptcy and insolvency process can be done swiftly without any hindrance by licensed bankruptcy trustees.
Finally, hope you all have got the Jackpot!
Conclusion
Now, we know the mantra to be the leader of Bankruptcy process. By following these steps, you will able to grab the license and will become a licensed bankruptcy trustee and finally, will become the leader in the bankruptcy process.
You will be life savior for the business and clients who are in financial issue. With proper guidance, counseling and action they will be able to rebuild their assets.
