What Is A Bankruptcy Trustee in Canada?
A bankruptcy trustee is a person who has been licensed by the Government of Canada to oversee and manage personal and corporate bankruptcy situations. This person is also able to administer corporate receiverships and consumer proposals.
A trustee is subject to the supervision of the bankruptcy court and the Office of the Superintendent of Bankruptcy and is considered an officer of the court.
The role of a bankruptcy trustee is to assist you in taking care of your debts and to ensure that your creditors are treated fairly during the process. This means that the trustee provides your creditors with full disclosure of your financial situation and any suspicious transactions made by you prior to filing for bankruptcy or during the process.
A trustee acts as your representative in terms of dealing with your creditors. If you are an honest but unfortunate debtor who has cooperated with the trustee, your bankruptcy will likely go very smoothly. If you have not been honest before or during the bankruptcy process, the trustee will act in the best interest of your creditors. He or she will report and take instructions from them on how to deal with any issues that may come up during the bankruptcy process.
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