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.

 

Take Your First Step Towards A Debt Free Life

If you are overwhelmed by debt and live in the Toronto area, call us at 416-498-9200 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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Ready to live debt free?

I must admit that I am so glad I called! I spoke to Rhoda Lewis who right away made me feel at ease. She's so caring and supportive I highly recommend her. Thanks to her my life is now on track! Thank you David Skylar & Associates Inc!
Grace Muller
17:55 25 May 21
Very professional and courteous. Jackie was very helpful and understanding. She was happy to answer any questions I had and we were able to process everything quickly with no hassle.
Nicholas Burnett
17:07 19 May 21
I would say my experience with David Sklar was spectacular, they made it really easy for my through the whole process and now 9 months later my bankruptcy is discharged.i would recommend David Sklar to anyone.
HN
23:00 06 May 21
I had a nagging defaulted student loan that was holding me back. There were a few smaller issues that were compounding. The lockdowns really forced me to look into building back my credit and starting fresh.Ashley at David Sklar & Associates at the Keele and Finch location was a blessing. She was thorough in her explanations and answered any concerns I had. She gave me the options and let me decide what was best. After conferring with her, I decided bankruptcy was the best option. She made the process of filing for bankruptcy easy.There's nothing to be afraid of. Stigma attached to bankruptcy but you can reset if you work hard to make it happen.I highly recommend speaking with Ashley if you have any concerns about debt solutions.
A M
14:39 04 May 21
I highly recommend David Sklar & Associates Inc. They helped me with my finances along with the help of Ashley Carter whom assisted me thoroughly throughout the process of my Consumer Proposal. She is very friendly, professional and updated me occasionally through emails. With her tremendous help, I am very thankful to have accompanied someone like her!
Pilar
21:05 28 Apr 21
In behalf of David Sklar & Associates, Ms. Ashley Carter had been working tremendously and diligently to make people’s lives easier and stress free. Through this debt free program, my husband and I had been relieved from the headaches and worries of our financial standing before. Ashley, a soft spoken lady was very approachable and listened to our concerns. She explained to us very clearly the good things that will happen to our best interest. I believe that she is a great asset to the company and an excellent counsellor. My husband and I can’t thank you enough, Ashley, for all your help during those times when we needed it most. As of now, we are enjoying life in our seventies, though how simple it is we are happy because we have the assurance that sooner we will be debt free. Thank you so much Ashley for your kindness and for always being there for us. May God bless you more especially with good health.
Fribeda Fronda
19:14 27 Apr 21
I was so impressed with the professionalism , the speed, the attention, the compassion, and the efficiency your office of David Sklar provided for me, you provided me with necessary information, you helped me solve a big problem I had , you were always available to answer my questions, I can’t thank you enough ,Will always recommend you to anyone who could use your services, thank youDalia Berger
Dalia Berger
13:49 27 Apr 21
They understand and good advice
Lauren Jordan
13:28 27 Apr 21
The support I received was thorough and timely and the help that I needed with Credit Proposal was addressed in a single interaction. Thank you so much!
Jay Caja
04:19 15 Apr 21
We worked with Jackie. She is very professional and very caring. She is quick to respond and really cares about helping the people in front of her. I went with my uncle, who was scared of the whole process and mentally delayed. Jackie took her time with us and made him feel at ease. She carefully explained things multiple times and was very encouraging. She was a shining light in a difficult process.
stefania cicchino
13:54 27 Mar 21