What is an Ontario Bankruptcy Trustee?

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Who Licenses a Bankruptcy Trustee in Ontario?

As an Ontario Licensed Insolvency Trustee, serving the Toronto area, David Sklar & Associates is licensed by the federal government to file and administer bankruptcies (personal and corporate), consumer proposals, and division I proposals (personal and corporate).

We are licensed by the Office of Superintendent of Bankruptcy (OSB), which is a branch of the federal government that oversees the application of the Bankruptcy and Insolvency Act (BIA). In addition to setting and enforcing the guidelines and standards for handling insolvency estates – the OSB maintains the public records.

It is important to note that ONLY Trustees in Bankruptcy can file and administer bankruptcies, consumer proposals and division I proposals in the province of Ontario.

Trustees Protect the Rights of All Parties

Trustees in Bankruptcy are officers of the Court and we have a legal obligation to protect the rights of all the parties involved in the insolvency process.

We do not ‘represent the creditors’ as some would have you believe, rather we work hard to ensure the insolvency process is accurate and legal under the BIA, as well as fair to all parties.

Because we are licensed by the OSB, we have an obligation to inform debtors who seek our help about all of the alternatives that are available to them. If we can find a way for a person to get out of debt without filing a bankruptcy or a proposal – we gladly let them know.

What Does a Bankruptcy Trustee Do?

In addition to meeting with debtors to see what their options for getting out of debt are – we:

  • Administer the insolvency process from beginning through to discharge
  • File the documentation required by the OSB
  • Ensure the accuracy of the creditors’ and debtors’ claims
  • Notify the creditors of a debtor’s filing
  • Manage the process to ensure the debtors and creditors are honouring the terms of the filing
  • Accept and manage debtors’ required payments into their estate
  • Where appropriate, apply for a debtor’s discharge at the end of the insolvency process
  • Provide credit counselling to debtors to give them the tools to better manage their finances

When we are overseeing a bankruptcy, where there are assets that need to be distributed to creditors, we hold the proceeds from those assets in trust and distribute them to the creditors. There are a number of assets that are exempt from bankruptcy as determined by the BIA and the Ontario Execution Act.

In addition to a number of other duties, we attend all meetings called for by creditors/OSB/court, oversee the vote of creditors on proposals, and ensure the debtor has access to any mediation services they may require as part of their insolvency.

Who to Call if You Need a Trustee’s Help?

As mentioned above, only Trustees in Bankruptcy can file and administer bankruptcies, consumer proposals and division I proposals in the province of Ontario.

If you live in the Greater Toronto Area and/or Southern Ontario and think you might need the services of a bankruptcy trustee, please call us at 416-498-9200 to book your Free, no-obligation, confidential consultation with one of our caring professionals.

If you live outside of the Toronto area, the OSB has a Trustee Registry that will help you to find a bankruptcy trustee in your area.

 

Take Your First Step Towards A Debt Free Life

If you are overwhelmed by debt, call us at 1-844-962-9200 to book a FREE, confidential appointment. We will review your financial situation in detail and discuss all of your options with you. Alternatively, you can fill out the form below and our team will reach out to you. 

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Great experience i was in financial trouble and someone of my friends recommended this company. Cori is a wonderful and welcoming person she did a very good job and came up with a smooth and flexible monthly payment after the reduction. i highly recommend this company. Thank you David sklar and special thanks to Cori.❤️🙏🏻
Jasmine Joseph
22:08 13 Jan 23
Met up with Mr. Jason Sklar to discuss more in person, very thorough and clear. He is very kind and thoughtful, I will be referring anyone with the same situation to David Sklar & Associates.
Ariel Domingo
02:33 29 Dec 22
I was a reck talking yo Jason Sklar was easy comfortable he explained everything and put my mind at ease I would recommend the team od sklar to everyone. I have already talked to my ci workers about them
kevin mcweeney
01:13 22 Dec 22
The team at David Sklar & Associates is fantastic.I worked with Jerry whom not only made - what seemed like intimidating process to initiate at first - comfortable.He made everything transparent and took the time to explain the process every step of the way.He was kind, attentive, and professional. Everything was made straightforward and stress free and we found a solution together that worked.Thanks to Jerry and the team.
Jordie Angiolillo
18:22 21 Dec 22
From day one till the end which is today😁 DavidSklar gave me a 5star service and treatment. And I will 100% recommend him and his Associates. This is the best Christmas present ever! Thank you David! More business to come! Merry Christmas and a Happy New Year!!!
barbee diaz
16:37 16 Dec 22
I FOUND DAVID SKLAR & ASSOCIATES BY GOOGLING "BANKRUPTCY" (EARLY NOV. 2021). ON NOV.4, 2021 I HAD A MEETING WITH CORI NARON AT HER OFFICE AT ST CLAIR ANDBATHURST. HER POSITIVE APPROACH TURNED ASTRESSFUL SITUATION INTO A STEP BY STEP UNDERSTANDABLE PROCESSON SEPT. 23, 2022 I OBTAINED MY AUTOMATICDISCHARGE FROM BANKRUPTCY AND MY CERTIFICATE OFDISCHARGE.THANK YOU CORIBRUCE BURGESS
bruce burg
21:35 02 Dec 22
Jerry was wonderful and provided superb service. He is very knowledgeable, trustworthy, and made an intimidating and shame filled time in my life stress free. I hesitated for a long time to take the next step, but Jerry answered all questions, was patient and made the process effortless. I am eternally grateful, and highly recommend Jerry’s services.
M J
18:41 01 Dec 22
Jerry was professional and was easy to deal with
Debbie Asquith
00:09 29 Nov 22
I was quite nervous and a little embarrassed that I needed financial advice. I met with Jerry Janiec and he was very helpful. He made me feel comfortable and explained everything in easy to understand terms so that I understood what my options were. I would recommend David Sklar & Associates for anyone in my position.
Melissa Blackburn
19:53 17 Nov 22
I was fortunate enough to be referred to David Sklar & Associates Inc. by a family member. Now in the10th month of a Consumer Proposal process, I am very impressed with the organization, professionalism and impeccable customer representation that I have experienced. To this effect, I amparticularly thankful to Jerry Janiec and Rhoda Lewis for their excellent work.
Suzanna Vaclavik
12:21 16 Nov 22
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