2016-12-30 00:00:00Finance and AccountingEnglishFind out what a Licensed Insolvency Trustee is, and understand how an LIT can help small business owners with debt problems.https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2017/03/trustee-reviews-company-debt-with-business-owner.jpghttps://quickbooks.intuit.com/ca/resources/finance-accounting/what-is-a-licensed-insolvency-trustee/What is a Licensed Insolvency Trustee?

What is a Licensed Insolvency Trustee?

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A Licensed Insolvency Trustee is a licensed professional who can help people with debt problems. For example, an LIT can help a small business owner with financial difficulties to make a plan on how to pay off debts, including filing a consumer proposal to request a debt reduction or filing for a bankruptcy.

LITs are licenced by the Office of the Superintendent of Bankruptcy, which makes sure that its members are qualified to offer financial services that adhere to regulations and standards imposed by the federal government. All LITs in Canada are registered in the Licensed Insolvency Trustee registry – small business owners who need debt advice can look for an LIT in their area using the registry.

References & Resources

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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