What’s new?

In a bankruptcy, what debts must be paid first? What’s left for the other creditors?

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Last July, the Bank of Canada increased its policy rate by a quarter point (from 0.5% to 0.75%), a first since 2010. How will this hike affect mortgages?

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Trustees in bankruptcy have a new designation—Licensed Insolvency Trustee—since April 2016. Trustees have been lobbying the Canadian government’s Office of the Superintendent of Bankruptcies (OSB) for many years for a new designation that more accurately describes the breadth of their services and clarifies their role. Why not Trustee in Bankruptcy? The OSB defines a Licensed Insolvency Trustee (LIT) as a federally regulated professional who provides advice and services to individuals and businesses with debt problems. Because an LIT helps people make informed choices to deal with their financial difficulties, the previous designation was too restrictive in terms of what they could do for consumers. Consumers may also have been reluctant to deal with a trustee in bankruptcy to find alternatives to their debt problems .The new title help to offset the negative perception. Knowing the difference The new designation makes […]

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In connection with his financial shows on Radio-Canada radio, Pier-Paul Belzil-Lacasse, Lead Senior Manager, Turnaround and Licensed Insolvency Trustee at Raymond Chabot Grant Thornton, discusses a series of issues.

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Are you among the 25% of Canadian owners who are only paying interest or the bare minimum on their home equity line of credit? Pier-Paul Belzil-Lacasse, Lead Senior Manager, Turnaround and Licensed Insolvency Trustee, comments on the situation and offers advice for properly managing a home equity line of credit.

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“Bankruptcy may be the only viable option. It’s a last resort, but sometimes, it should be considered in order to recover our financial health,” Lebel stated.

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Our heartfelt congratulations to Philippe Daneau, Sophie Desautels and Jean-Denis Losier, from the Recovery & Reorganization Group, for obtaining their Trustee license from the Office of the Superintendent of Bankruptcy Canada (OSB)!

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In connection with his regular finance segment on Radio-Canada radio, Pier-Paul Belzil-Lacasse from RCGT shares a series of practical tips.

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By only paying down the minimum on a credit card each month, consumers are extending the repayment time of the debt, as well as the amount paid.

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When financial issues rear their ugly heads, bankruptcy can sometimes be a way out. Éric Lebel, from RCGT, answers your questions.

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