Harris & Partners Licensed Insolvency Trustee

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What is a licensed trustee?

Licensed Insolvency Trustees (LIT) are regulated debt specialists, providing debt relief advice and services to individuals and businesses who are struggling to manage debt.

Licensed trustees help others make good choices, providing solutions to get them out of financial difficulties.

What does a Licensed Insolvency Trustee (LIT) do?

A Licensed Insolvency Trustee will work with you to help you overcome your financial difficulties by offering debt-relief options. They help to counsel individuals and businesses on debt management, draft consumer proposals and negotiate debt settlements.

They review your situation and collect information

Licensed trustees will review your financial situation in order to determine the best course of action. They are there to help you consider all the options available to you, with bankruptcy remaining a last resort.

They notify creditors and review claims

Licensed trustees will notify your creditors and review all claims made, as well as become the administrator for the insolvency procedure. This is standard practice for the initial insolvency process for either consumer proposals or personal bankruptcy.

As your LIT will communicate with creditors on your behalf, you do not need to be concerned about receiving worrying or threatening phone calls from them.

They help you complete necessary documentation and obligations

An LIT will also help you complete any necessary documentation and obligations in relation to your debt relief solution to ensure that everything is done according to official practice.

Why consult a licensed trustee?

There are a number of reasons why you should consult a licensed trustee. Licensed Insolvency Trustees help you overcome your debt problems:

They can give you all the options

An LIT can outline all your viable options after assessing your unique situation. You may be under the impression that declaring bankruptcy is your only solution to your financial woes. However, a specialised LIT can make sure that bankruptcy is a last resort, after considering all other possible alternatives.

They deal with creditors

An LIT will manage the relationship with creditors on your behalf. This means that negotiations and any legal proceedings will be managed by the LIT and unsecured creditors will not be able to take action against you.

They are qualified professionals

When choosing to consult an LIT, you know that you are in the hands of a qualified, experienced professional who will act in your interests. Debt can be a scary thing to manage and if you don’t really understand debt-relief processes, then an LIT can offer their expertise. Licensed trustees are regulated and authorised by the Office of the Superintendent of Bankruptcy (OSB).

They are regulated

LITs are subject to regulation and licensed by the Office of the Superintendent of Bankruptcy (OSB) and must comply with regulations as set out in the standards of practice and Code of Ethics for Trustees. This gives you peace of mind knowing that when you work with an LIT, they are overseen by an authority and you can take up any issues with them if necessary.

LIT fees are regulated

The federal government will oversee LIT fees for corporate insolvency and with an LIT, you will be charged less than using another form of debt relief agency. Licensed Insolvency Trustees tend to provide a free consultation as part of their service.

Harris & Partners give clients the option to book a free consultation and one of our specialists will take a look at your situation and find the solution.

Easy to find

It’s easy to find a Licensed Insolvency Trustee near you. Harris & Partners have offices based across Canada, offering debt solutions to individuals and businesses across the country.

Who are Harris & Partners?

Harris & Partners is a specialist Licensed Insolvency Trustee offering debt relief solutions to individuals and businesses across Canada. Contact us for more information about our debt relief services or book a free confidential consultation today.

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