What is an Ontario Bankruptcy Trustee?

Table of Contents

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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Very processional and understanding of my situation. Thanks to all your team.
Luc Valade
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Jennifer Norton's exceptional assistance with my consumer proposal was life-changing. Her professionalism, expertise, and dedication were evident from the start. Jennifer's thorough explanations and attention to detail created a tailored proposal that set a clear path to financial freedom. She went above and beyond, advocating for my best interests and providing invaluable support. Thanks to Jennifer, I'm on track to a stress-free financial future. I wholeheartedly recommend her – she's not just a financial expert; she's a life-changer. Thank you, Jennifer!
Thomas
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They made a difficult situation, easy thank you.
Ray Barkley
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I had a great experience with Christine from David Sklar & associates. Very professional, and easy to get through. Thank you
fukinwith doug
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Great customer service and a smooth process to get your finances on track. Informative and thorough.
Adrian Downey
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From the moment I sat down in the office, I felt welcome and at ease. Grace Cuffaro was both friendly and highly informative. She is extremely knowledgeable and answered all of my questions in detail, making sure I understood before moving on. I was reassured throughout the process that I was making the right decision and that it was not uncommon nor anything to be ashamed of. I didn't expect my appointments to be such positive experiences, but that's exactly what they've been!
P Bains
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I was in a tough financial position and found myself searching for relief. I came across David Sklar & Associates page when doing my research on financial advice. The reviews were amazing, but I was concern because I didn’t know what to expect. I made the decision to set up a consultation and had the pleasure to meet with Jennifer Norton. Right from the beginning, she was attentive, knowledgeable, and pleasant to meet with. The experience was painless and very educational. Jennifer made sure I understood my choices, answered my questions, and concerns promptly, in person, over the phone and via email. I’ve been working with Jennifer for a couple months now and I am pleased that Jennifer is the manager handling my file. I would and have recommend Jennifer Norton, David Sklar & Associates to anyone in need of direction regarding finances.
A.L Thompson-Lawrence
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I had my first meeting with Jennifer, she was really understanding and extremely helpful, and got everything done in a timely manner.
Tamas Wint
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Jennifer Norton has been the most helpful throughout this truly embarrassing situation that I find myself in. She is informative, understanding, and there is absolutely no judgment. She has handled everything in a very professional and respectful manner and I am SO glad that I have them on my side. Definitely a huge weight off my shoulders.
Jody T
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Rhoda, Jerry, and the entire David Sklar & Associates Staff were very professional and were great to work with. They taught me a lot regarding financing and I would recommend them to anyone facing financial troubles as well. Rafael L
Medanun
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