Who Oversees The Personal Bankruptcy Process In Canada?
Three different parties oversee the bankruptcy system in Canada:
- The bankruptcy trustee
- The Office of the Superintendent of Bankruptcy
- The bankruptcy court
The trustee is required to investigate your financial situation prior to and during the bankruptcy process, to liquidate assets and collect your surplus income payments. He or she is also required to report to your creditors as well as the Office of the Superintendent of Bankruptcy and the bankruptcy court as needed.
The Office of the Superintendent of Bankruptcy is a division of the Government of Canada. It supervises trustees and investigates issues that are raised by trustees. It also investigates any issues relating to the conduct of a trustee.
The bankruptcy court is responsible for deciding the outcome of any issues that arise during the bankruptcy process.
How The Bankruptcy Process Works
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I appreciate everything you’ve done, and if I know anyone needing similar help (I hope not), I will definitely refer them to A. Farber and Partners.
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