What’s new?

Personally, I think our professional lives are exciting because of the challenges that a Chartered Insolvency and Restructuring Professional (CIRP) faces in the financial rehabilitation of individuals and companies. As well, our profession is constantly evolving with changes in insolvency regulations and with the rhythm of economic cycles.

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Since October 2017, experts and licensed insolvency trustees from Raymond Chabot inc, subsidiary of Raymond Chabot Grant Thornton, have offered sound advice to the population through the Dans vos poches column in the Journal de Montréal and Journal de Québec.

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Éric Lebel, Partner and Licensed Insolvency Trustee, participated in the major Les Affaires Plus supplement on debt in which he shared his expertise and discussed the consequences of insolvency such as bankruptcy in certain specific cases.

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From 2012 to 2016, there was a 62% increase in insolvency files in the Saguenay Lac-Saint-Jean region. This is a very worrisome rate, which is even more so if we compare it to the Quebec percentage of 16% for the same period and 3% across Canada!

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In a recent radio interview with Stéphane Gendron on Énergie 98.9 FM in Québec City, Éric Lebel, Partner and Licensed Insolvency Trustee, spoke about the risks and implications of debt.

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In recent news, the issue of the actual impacts of bankruptcy in Québec has resurfaced. Daniel Germain, from Les Affaires, sat down to speak with Éric Lebel, partner and Licensed Insolvency Trustee, to demystify the consequences of bankruptcy.

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Marc Lafrenière, Partner and Licensed Insolvency Trustee with RCGT shared his advice for setting a budget just for Holiday spending in an interview.

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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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