An Officer of a provincial court appointed by the Chief Justice with the powers and jurisdiction as specified under the Bankruptcy and Insolvency Act.

An offer to creditors to settle debts under conditions other than the existing terms. It is a formal agreement under the Bankruptcy and Insolvency Act.

Includes money, goods, land and every description of property, whether real or personal, situated in Canada or elsewhere. Real Property is land and the buildings thereon, Personal Property is anything other than Real Property.

A procedure prescribed in Part X of the Bankruptcy and Insolvency Act, governed by provincial courts, which allows a person to pay debts. Only available in Alberta, Nova Scotia, Prince Edward Island and Quebec (where it is known as Voluntary Deposit Service / Lacombe’s Law).

A financial obligation or debt of an individual or a business, including unpaid taxes, salaries, accounts payable etc.

A person licensed by the Superintendent of Bankruptcy to administer bankruptcy and proposal estates.

A Licensed Insolvency Trustee (LIT) is a federally regulated professional who provides solutions for managing debt. During the COVID-19 pandemic, LITs have been instrumental in helping individuals and businesses navigate financial difficulties. 

The COVID-19 pandemic has created financial uncertainty for many individuals and families. Job losses, reduced income, and unexpected expenses have made it difficult to manage finances.