Effective December 19, 2014, licensed trustees in bankruptcy may now refer to themselves as Licensed Trustees in Insolvency and Restructuring. Until that time the professional association for trustees known as CAIRP (Canadian Association of Insolvency and Restructuring Professionals) required the term Trustee in Bankruptcy to be present in all advertising.
This change makes a great deal of sense and the CAIRP members voted strongly in favour of the change. While only licensed bankruptcy trustees are legally able to administer a bankruptcy filing in Canada, they continue to do much more. They also handle proposals to creditors which are legally binding on creditors under either Division I of the Bankruptcy and Insolvency Act or the more common consumer proposal provisions of the Act.
It is important to recognize that only licensed trustees can administer all types of insolvencies and arrangements with creditors and they are therefore in a much better position to advise on the options available.