Osb Rejects Proposal That Credit Counsellers Be Allowed To File Consumer Proposals

The Superintendent of Bankruptcy has been reviewing the licencing framework for Trustees in Bankruptcy over the past several months. Yesterday the report was released and you can find the report at the following URL:  http://strategis.ic.gc.ca/eic/site/bsf-osb.nsf/eng/br02662.html The Superintendent had been asked by the Credit Counselling industry in Canada to allow them to file Consumer Proposals. The Superintendent rejected that concept on the basis that Trustees go through a "rigid training program" and credit counsellors do not. However, the Superintendent wishes to encourage more people to obtain their Trustee licences and is looking for ways to encourage that and is also looking for ways that may facilitate the Credit Counselling industry working more closely with the Trustee community. Over the years a number of barriers had been established that prevented a number of working arrangements that might now be beneficial to debtors in financial difficulty. MNP Ltd. supports the decision of the Superintendent in this regard. We go to great lengths to train our insolvency team to ensure that individuals and businesses seeking our advice are advised of all alternatives available to them and, where appropriate, we certainly refer debtors back to credit counsellors when appropriate. Please contact our nearest office if you wish to discuss the implications of this decision further. Ian Schofield MNP Regina 306-790-7904