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. 

Share This!

Christine Sylver was very helpful to my situation. No question asked, she went above and beyond just to give me the options that I need to solve my problems. She explained and made me understand my options. Thank you Christine! Everything was done in a week. Regards, to Richard Sklar for explaining everything further to me. 😊
Kris
1685201109
I was blown away by how kind and empathetic Christine and David were. I came into the process expecting to feel embarrassed, but they were so helpful and unquestionably supportive, they made the whole experience a positive thing. On top of that, Christine found a solution for me that was better than I ever could have imagined. I highly recommend Christine, David, and colleagues to anyone.
Mary M
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Christine Sylver has been very efficient in working with me in all aspects toward developing a very favourable consumer proposal which meets my financial budgeting very nicely. She also exhibited a very positive pro client attitude and was every pleasant to communicate with. Richard Sklar also demonstrated a very positive pro client attitude in explaining in detail all aspects. All great!!
Rob Hultgren
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Dealing with Christine was a real pleasure.She was very understanding professional and knowledgeable she answered all my questions.I left feeling relieved a big burden was lifted from my shoulders
John Horan
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Very happy I got in touch with Jackie! She has been a great help and a pleasure to work with! I highly recommend Jackie if you need help getting out of financial debt.
Hailey Cascagnette
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I had the pleasure of working with Jackie and she made the experience very easy and was very honest which I appreciated as I was extremely nervous to go through with the process. Any questions or concerns I've had after our meetings were answered no problems and although it's been a few weeks I can honestly say I've never felt so stress-free. Very thankful for Jackie.
Cassandra Arevalo
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Very considerate of how people can sometimes make mistakes and need help to get things back on track. Great team of people. Thanks to Jacqueline for all her help.
Kevin Chase
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My mother told me about this firm because they helped resolve her situation nearly 25 years ago. I had the pleasure of working with Christine Sylver. I should’ve done this years ago but I am where I am and it is what it is. Extremely courteous, professional and understanding. I hope to never need their services again but they would be my first call! A+
Patrick Martel
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Jerry was extremely thorough and ensured that as a client, I understood all of my options and their repercussions. He offered his professional advice best suited for my situation and he is amazing at his work. Thank you Jerry! :)
Stephanie Belanger
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Great experience with Jerry and staff. Thank you.
Harold Hutchings
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