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A Licensed Insolvency Trustee (LIT) is a person licensed by the Superintendent of Bankruptcy in Canada to administer proposals and bankruptcies and manage assets held in trust. The trustee can give a debtor information and advice about both the proposal and bankruptcy processes and make sure that both the debtor's rights and the creditor ’s ...
The four main players involved in consumer insolvency are Licensed Insolvency Trustee, Debtor/insolvent person, Creditors, Office of the Superintendent of Bankruptcy. Under s. 2 of the BIA, an "insolvent person" can become "bankrupt" for the purposes of the BIA in three ways: by a voluntary assignment in bankruptcy [2]
The Parliament of Canada has exclusive jurisdiction to regulate matters relating to bankruptcy and insolvency, by virtue of Section 91(2) of the Constitution Act, 1867. It has passed the following statutes as a result: The Bankruptcy and Insolvency Act ("BIA") [1] The Companies' Creditors Arrangements Act ("CCAA") [2] The Farm Debt Mediation ...
Trustees — either individuals or corporations — are licensed by the superintendent, and are appointed to administer an estate by virtue of the assignment, bankruptcy order or proposal that has been filed. By special resolution, the creditors of the estate may appoint or substitute another licensed trustee to assume the role. [124]
In Canada, a licensed insolvency trustee (LIT) is an individual or a corporation licensed by the official superintendent to hold in trust and, subsequently, to distribute a bankrupt's property among the creditors in accordance with the distribution scheme under the Bankruptcy and Insolvency Act (BIA). The bankrupt and all other persons holding ...
As of 2016, the firm had over 65 Licensed Insolvency Trustees and more than 200 resident and satellite offices located in key urban and rural centres across Canada. In 1996, after merging with Brandon, Manitoba-based BDO and Edmonton-based Miller, McClelland Limited, Meyers Norris Penny & Co. decided to create a subsidiary to incorporate their ...
Emergency Measures Act [13] 2013 Floods: Alberta Emergency Management Act [14] 2014 Assiniboine River flood: Manitoba Emergency Measures Act [15] [16] 2016 Fort McMurray wildfire: Alberta Emergency Management Act [17] Opioid epidemic: British Columbia Public Health Act [18] [19] 2017 Wildfires: British Columbia Emergency Program Act [10] [20 ...
Alberta Research and Innovation Advisory Committee Advisory Provides strategic advice and recommendations regarding innovation and research. Technology and Innovation: Travel Alberta: Service Delivery Acts as a marketing agency for Alberta's tourism sector and tourism industry companies in domestic, national, and international markets. Tourism ...