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. 

The total of all your debts must be paid in full plus 5% interest, usually within a period of three years, unless all creditors consent to an alternative arrangement and the Court approves it.

The program is only available in Alberta, Nova Scotia and Prince Edward Island. It is also available in Quebec, where it is referred to as the Voluntary Deposit Law (or formerly, Lacombe Law).