What is an Ontario Bankruptcy Trustee?

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.

 

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I've used these services twice and they have always been understanding, supportive and informative. They give you hope when you feel like there is none. I've referred multiple people to them and they've all had the same professional experiences. Jackie Stanley was amazing and got the job done. Thank you!
Kirah32
02:07 03 Mar 21
Dealing with any kind of debt can be stressful. Jackie is amazing! Professional, warm and extremely helpful to say the least! She made sure to answer all of our questions, address any concerns and made this whole process as smooth as possible.
Kristine San Gabriel
15:14 02 Mar 21
Working with David Sklar has been an easy and detailed process. I am especially thankful for the personal services provided by Jackie Stanley as she has been very informative and always ready to answer any questions or concerns in a timely manner. I highly suggest working with Jackie if the opportunity presents itself.
Clayton Surujbally
17:09 18 Feb 21
On February 2 l made the somber driveTo David Sklar and associates.I had known this location from having drovePast it many times over the years.I made a appointment using the phone numberOn their door in Pickering, OntLater that day l had a consultation withTrina Powell.Immediately upon meeting with her l wasBecomming more relaxed with the proceedings.Trina, was very down to earth, and very professional.We all have our calling, l can only gather sheHas found hers, and she is very good at herJob, and career.I met with her again two days later but on thisVisit l felt more relaxed, and self assured of myDecisions, having already met with Trina.Thank you! Hat's off to you.I also had a phone zoom call with MarkTo whom as well was very easy, and comfortableTo talk to,Thank you, Mark.The team at David Sklar and associatesShould take great pride, and comfort when theyHelp people, like me and probably so many others.Thank you.
Chris Thompson
17:11 07 Feb 21
I have dealt with this company before many years ago when I did my bankruptcy , and found to be very trustworthy, professional, and right at ease. No judgement, very understanding and very supportive. So of course would come to then again when this time did the debt consolidation. The staff is friendly and goes over all the details with you and answers all your questions so you know exactly what to expect and make an informative decisison. I aslo like how if I had any questions could leave a message or email the company and how promptly they answer me back. Thank you David Sklar & Associates for getting me back on the right track and living a life of debt free again. I have my freedom back thank you for all your help and support. Amen 🙏
Desiree Balkaran
17:09 07 Feb 21
I am so grateful to Rhoda Lewis for an amazing opportunity to start fresh, she is very knowledgeable, professional and very friendly. I felt so comfortable from the moment I walked into her office, I definitely would recommend Rhoda to anyone who is looking for help. I love and appreciate you very much for helping me. After all these years I still kept in touch with you via email just to say thank you. Thank you again so very much and continued blessings.
Elizabeth Thomas
09:18 04 Feb 21
Jackie Stanley will take you step by step in explaining the process professionally, answering all the question I had over the telephone or e-mail. We are very satisfied and grateful for her work and effort. Dan Podeanu
Andrei Podeanu
02:09 01 Feb 21
Ashley Carter was very nice to me and professional and she helped me with my issue and she answer my questions in email. She helped me a lot and she gave me less stress.
Daniel Domingues
22:19 23 Jan 21
Jackie Stanley take you step by step in explaining the process professionally, replying on our every question over the telephone or e-mail. We are very satisfied and grateful for her work and effort.
1 blaze
18:36 21 Jan 21
Jackie and the team at David Sklar and Associates took my very stressful situation and made me feel at ease. I was treated with respect and understanding from the start of my process right through to the end. Prompt email and phone responses made it feel like I was at the top of their priority list.Jackie and the team at David Sklar are the best in the business. I would highly recommend using their services.
Tree Broker
14:33 20 Jan 21