How to become a bankruptcy trustee

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André Gabbay et Associés Inc. offers free consultations in complete confidentiality. They are located at 625 Boulevard René-Lévesque Ouest Montréal, QC H3B 1R2 (514) 398-9850. For more information, visit

Text of How to become a bankruptcy trustee

  • 1. How to Become a Bankruptcy Trustee

2. Anyone who finds themselves in theposition of having to file for bankruptcywill have to deal with a bankruptcytrustee. The bankruptcy trustee is asource of knowledge and guidance, andis an invaluable part of the whole process. 3. What Is a Bankruptcy Trustee?A bankruptcy trustee is a person who has been licensedby the Superintendent of Bankruptcy in Canada to workwith insolvent people and administer bankruptcies.The bankruptcy process tends to move along moresmoothly when a bankruptcy trustee in Montreal isinvolved. Bankruptcy is a stressful time for mostpeople, so having an expert helping you makes things alot easier. 4. Bankruptcy Trustee Job DescriptionThe primary duty of a bankruptcy trustee Montreal is tofile for bankruptcy on your behalf. However, that isnt allthey do. A trustee will also: Manage and sell your assets when necessary Deal with your creditors so you dont have to Provide debt counseling Advise you on the best course of action Help construct a plan to get you back on track 5. How to Become a Bankruptcy TrusteeBecoming a bankruptcy trustee is not a simple process.Every bankruptcy trustee must meet very strictguidelines in order to be licensed by the Superintendentof Bankruptcy.There are several prerequisites to meet and follow upcriteria in order to hold this important distinction. 6. Prerequisite QualificationsIn order to even be considered as a potentialbankruptcy trustee Montreal candidate, you must firsthave either a university degree or at least five years ofrelevant job experience.Anyone without either of these prerequisites likely wontbe allowed to continue on with the process. Theposition of bankruptcy trustee is taken seriously by thegovernment and getting off to a good start is imperative. 7. Trustee CertificationIn order to be certified as a bankruptcy trustee, eachcandidate must successfully complete the CIRPQualification Program. This program was designed bythe Canadian Association of Insolvency andRestructuring Professionals, and an exam must bewritten and passed at the the end of the program.If you pass the written exam, you may be invited to takethe oral exam. You also have to take the InsolvencyCounsellors Qualification Course, and you must nothave been bankrupt yourself within the past five years. 8. InvestigationsAs part of the becoming a bankruptcy trustee process,the Superintendent also carries out detailedinvestigations on each candidate. He wants to ensurethat all of the information provided is true, and thatissuing a license wont diminish the publics view of thebankruptcy process.An oral exam is the final determination of whether acandidate has the necessary knowledge, skills andprofessionalism to perform the job. 9. ReputationIt is up to the Superintendent to determine whether ornot a candidate has the reputation and character to be asuccessful bankruptcy trustee. This determination isbased partially on the information provided by thecandidate and the investigation carried out by theSuperintendent.If the Superintendent feels that a candidate has aquestionable reputation or character, it can influencewhether or not a license is issued. 10. SuitabilityAlong with the prerequisites and reputation, thesuitability to do the job right is a key factor. This isdetermined during the oral examination, which is heldby the Office of the Superintendent of Bankruptcy onetime each year.Suitability covers areas such as judgment,understanding, knowledge, ethical standards andprofessionalism. 11. Advice Andr Gabbay et Associs Inc. offers free consultationsin complete confidentiality. They are located at 625Boulevard Ren-Lvesque Ouest Montral, QC H3B1R2 (514) 398-9850. For more information, visit


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