What to Expect With Smythe
When you book your free debt consultation with Smythe Insolvency, you will meet with a licensed debt professional who will walk you through all of your available options, step-by-step.
Our Licensed Insolvency Trustees believe everyone deserves a fresh financial start, and to be treated with dignity.
We will ensure that you are informed and empowered to make the right decision for your circumstances.
Our commitment to treating you with respect and empathy is unwavering, and we never charge a fee for debt consultations or other meetings aimed at exploring your options and ensuring you’re prepared and ready to move forward with your consumer proposal or bankruptcy.
Our Team Roles & Qualifications of our Canadian Debt Experts
Licensed Insolvency Trustees
Licensed Insolvency Trustees (LITs) are federally regulated professionals who help individuals and businesses deal with debt. LITs are licensed by the Superintendent of Bankruptcy and are the only professional in Canada who have the authority to administer bankruptcy and consumer proposal proceedings.
The role of a Licensed Insolvency Trustee is to help individuals and businesses find the best solution to deal with debt problems. They provide advice and guidance on financial matters, including budgeting, debt management, and bankruptcy. They review in detail all the options available to reduce and eliminate debt, help their clients develop a plan to deal with their debts and, if necessary, help their client file for bankruptcy or file a consumer proposal.
To become a Licensed Insolvency Trustee, an individual must meet a strict set of qualifications. They must hold a university degree and go on to successfully complete the Chartered Insolvency and Restructuring Professional (CIRP). They must also, of course, be of good character and reputation and be solvent. LITs are required to maintain their qualifications through ongoing professional development. They are also required to follow a code of ethics that ensures they act in the best interests of their clients.
LITs are required to provide their clients with information about the process, including the costs and risks involved. They are also required to provide ongoing support and guidance throughout the process.
Insolvency Administrators
Insolvency Administrators, also known as Insolvency Estate Managers, play a key role in assisting both individuals and businesses throughout the entire insolvency process.
When an individual files for bankruptcy or a consumer proposal, the process and filing are collectively referred to as an “insolvency estate”, and the Insolvency Administrator is responsible for complete administration of estates including preparation of sign-up documents, filings with the Official Receiver, and administration until full completion of the consumer proposal or discharge of the bankrupt.
To become qualified as an Insolvency Administrator, candidates must be sponsored by a member of the Canadian Association of Insolvency and Restructuring Professionals (CAIRP) and demonstrate competency in administration, as well as understanding of the Bankruptcy and Insolvency Act.
Insolvency Administrators work in partnership with a Licensed Insolvency Trustee and may also be accredited to provide important debt relief services to both individuals and businesses. These services can include debt consultations and assessments, financial counseling sessions, and assistance with the administration of Consumer Proposals and bankruptcy proceedings, with the Licensed Insolvency Trustee serving as the final authority in the client’s insolvency process.
BIA Insolvency Counselors
Similar to Insolvency Administrators, BIA Insolvency Counselors are an important part of the bankruptcy and consumer proposal process, facilitating the financial counselling sessions that need to be completed to to be discharged from bankruptcy or receive a certificate of full performance.
Insolvency Counsellors are required to successfully complete the CAIRP Practical Course on Insolvency Counseling (PCIC) and observe a minimum of 10 counselling sessions of a BIA counsellor or LIT, as a way of gaining practical insights that will complement the course material. Many Qualified Insolvency Counsellors are also Insolvency Administrators.
As part of the Consumer Proposal or bankruptcy process, two financial counselling sessions are required to ensure the individual has an opportunity to learn budgeting techniques, set financial goals, and provide knowledge to help individuals successfully move forward after their insolvency.
These two credit counselling sessions can only be conducted by a Qualified BIA Insolvency Counsellor who is registered with the Office of the Superintendent of Bankruptcy.
Licenses Matter Why Work with Licensed Insolvency Trustee?
Always ensure that you work with a firm of Licensed Insolvency Trustees (LITs) and debt professionals to help you with your debt issues. LITs are the only debt professionals who are legally authorized to file a consumer proposal or bankruptcy on your behalf. The Federal government strongly recommends that you deal directly with a Licensed Insolvency Trustee to ensure that you’re receiving debt advice from a fully qualified, reputable professional.
Your initial debt consultation and any advice along the way is always free when you work with a Licensed Trustee, and unlike non-licensed professionals, there are no hidden fees or additional costs before or after you complete the insolvency process.
When you work with a LIT, once your consumer proposal or bankruptcy has been submitted, your creditors are legally required to stop all collection activities. This means that your creditors legally cannot contact you for payment and that the harassing collection calls will finally stop. It also means that your wages will no longer be garnished, and active lawsuits come to an end.
Our team at Smythe Insolvency is made up dedicated and respected professionals who are passionate about helping their clients achieve the fresh financial start they deserve.