What is the Role of the Office of the Superintendent of Bankruptcy?

You’ve most likely heard of the Office of the Superintendent of Bankruptcy. However, you might not know exactly what they are responsible for. It’s quite simple.

The Office of the Superintendent of Bankruptcy is part of  Innovation, Science and Economic Development Canada. Its role involves:

• carrying out its regulatory, administrative, and supervisory duties at arm’s length from the Government of Canada;
• ensuring all bankruptcy processes are conducted fairly and equitably for all parties (creditors [those who loaned money] and debtors [those who owe money] and other interested parties);
• issuing licenses and supervising licensed insolvency trustees.

In short, the OSB ensures that the Bankruptcy and Insolvency Act is respected.

What exactly is the Bankruptcy and Insolvency Act?

In Quebec, the purpose of the Bankruptcy and Insolvency Act (BIA) is to protect debtors and creditors in difficult times. It also ensures that licensed insolvency trustees and the courts fulfill their duties and responsibilities towards the various stakeholders.

If you’ve accumulated debt, you typically have two options:

• filing for personal bankruptcy;
• OR filing a consumer proposal.

If you’ve accumulated too much debt and would like more information about your options, read our article on this topic.

Insolvency trustees are your allies

Licensed insolvency trustees are the only experts certified by the federal government who can help you if you declare bankruptcy or file a consumer proposal. After analyzing your situation, they will suggest the best solutions for freeing you from debt.

If you’ve accumulated debts and see no way out, rest assured that you’re not alone. Act now and make an appointment with one of our counsellors in financial recovery. The first meeting is free and completely confidential.