Licensed Trustee in Insolvency & Restructuring
Well isn’t that a mouthful?
The new name for Bankruptcy Trustee’s, “Licensed Trustee in Insolvency & Restructuring”, will come into effect later in the year.
Over the years the term “Trustee in Bankruptcy” has become much better understood and many people have come to understand that bankruptcy is not the only option for debt resolution but it can be a good one.
Increasingly consumers are now recognizing that only a Trustee in Bankruptcy” can file a Consumer Proposal or a Bankruptcy proceeding. In spite of which some still get excited when they hear or see radio and print advertisements suggesting that there are “New Government Programmes” to help get them out of debt.
The “New Government Programmes” are of course called “Bankruptcy” and “Proposal” and they can only be filed by the Trustee the client is referred to by the advertiser.
So if you were confused before you’ll be even more confused now but just remember the term “Licensed Trustee” that should help.