The roles and responsibilities of Bankruptcy Trustee in Montreal

by Ragini Salampure
The roles and responsibilities of Bankruptcy Trustee in Montreal

Are you seeking some financial help related to bankruptcy filing? Not sure, whom to contact? We will help you!  Bankruptcy trustee in Montreal will guide you with bankruptcy filing. 

And further, this good read will help you to know the roles and responsibilities of Bankruptcy Trustee in Montreal.

Bankruptcy Trustee Montreal is the licensed individuals appointed by Government of Canada to govern all bankruptcy and insolvency related issues. They are also called Licensed Insolvency trustees. 

In Canada if bankruptcy is filled then it will always be done through a licensed Bankruptcy Trustee. 

Bankruptcy trustee is the one who represent the creditor’s case in the court. He is not the one who will make the final verdict in the court. Judge is the person who will supervise this process and will finally sign the discharge order which will make creditor free.

Let’s dive in for more information! 

Roles & Responsibilities of Bankruptcy Trustee in Montreal

Being a licensed and qualified debt advisor, Bankruptcy trustee is a legal advisor who not only deals with filling the bankruptcy, arranging the paper work but also deals will counsel. Find below the roles as described.

  • He makes sure that you should attend two counseling sessions and also see that all the mandatory steps are followed by you
  • Contacting creditors on your behalf and sending documentation so that bankruptcy process can be initiated and they can work on settlement
  • Will help in getting the case eliminated by taking the case to court 
  • Leading the bankruptcy process from start to end, settling the assets and reviewing all the claims and negotiating with the creditors
  • Doing paper work, completing the documentation and getting final sign off on the paper. 
  • Counseling and providing the best resolution
  • Advises the process of restructure the debt

These are the basic roles of a bankruptcy trustee in Montreal. You need to select a trustee who knows his work well, is experienced, mature, and is loyal towards his job so that with his loyal guidance and action you can become debt free.

Ready to unfold more details!

The Bankruptcy and Insolvency Act

In Canada, to file a bankruptcy we have a proper act which deals with it. Government of Canada governs this act. Proper guidelines are set on how bankruptcy can be filed, fees and proper rules and regulations are made so that fair dealing and healthy environment can be given to everyone. 

Under Bankruptcy and Insolvency act, Office of the Superintendent of Bankruptcy is the agency which selects and appoints Bankruptcy Trustees. These trustees are knowledgeable and skillful as they have cleared certain exams and oral exam to get the license. The Superintendent of Bankruptcy decides the issuance of the license.

Now we know how the Bankruptcy and insolvency act works.

How to choose a licensed Bankruptcy Trustee?

Let’s plunge into the points which need to be kept in mind while selecting a bankruptcy trustee. You should always consider:

  • Goodwill of the trustee
  • His past projects
  • Experiences 
  • valid license

When to contact Bankruptcy Trustee

Bankruptcy trustee is a life savior for debtors, creditors and the business. Below are the scenarios wherein we should immediately contact a bankruptcy trustee.

  • If your business is having some financial trouble
  • When you have business stability issue 
  • You have more creditors then your assets
  • You are failing to pay your dues as per the deadlines 

The ideal situation to contact a bankruptcy trustee is when you realize that you are not able to pay your debt which is affecting the business. For example: if you have borrowed the amount from another business but you are missing out of all deadlines and are not able to pay the amount back as per the agreement, that’s the time when you should see a bankruptcy trustee.

Conclusion

Bankruptcy Trustee will help you by providing best alternatives for the insolvency and bankruptcy process. They are skillful individuals who with their skills, experience and awareness will follow their roles and responsibilities dedicatedly, so that you can be debt free by managing the entire process.

Remember, anyone can need the bankruptcy trustee who will help and guide the business or the individuals having financial crises.

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