The Office of the Superintendent of Bankruptcy Canada (“OSB”) defines a Licensed Insolvency Trustee (“LIT”) as a federally regulated professional who provides advice and services to individuals and businesses with debt problems. LIT’s help people make informed choices to deal with their financial difficulties.
Additional information is provided on their website.
The OSB also has information on its website to help you understand the difference between a LIT and a Debt Consultant. It is important to know that a Consumer Proposal and a bankruptcy can only be through a LIT.
The OSB has also prepared five insolvency-related videos to help you better understand the insolvency process and your available options. These include: