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Key Responsibilities and Required Skills for a Licensed Insolvency Trustee

💰 $120,000 - $250,000+

FinanceLegalAdvisoryConsulting

🎯 Role Definition

Are you a strategic financial expert with a passion for helping people and businesses navigate complex financial challenges? This role requires a dedicated and professional Licensed Insolvency Trustee (LIT) to join a dynamic team. In this pivotal role, you will be more than just a financial professional; you will be a trusted advisor, a legal administrator, and a beacon of hope for clients facing overwhelming debt. You will manage a diverse portfolio of personal and corporate insolvency files, ensuring full compliance with federal regulations while providing empathetic, clear, and actionable solutions. This is a unique opportunity to leverage your specialized skills to make a tangible impact, restructure futures, and uphold the integrity of the financial system.

📈 Career Progression

Typical Career Path

Entry Point From:

  • Insolvency Administrator or Estate Manager
  • Senior Accountant (in a Restructuring or Insolvency group)
  • Insolvency Analyst / Financial Restructuring Analyst

Advancement To:

  • Partner or Managing Director of a professional services firm
  • Senior Vice-President, Restructuring & Insolvency
  • Founder/Owner of an independent LIT practice

Lateral Moves:

  • Corporate Restructuring Advisor
  • Senior Credit & Risk Manager
  • Commercial Banking (Special Accounts / Workouts)

Core Responsibilities

Primary Functions

  • Manage the full lifecycle of consumer and corporate insolvency engagements, including bankruptcies, consumer proposals, and Division I proposals under the Bankruptcy and Insolvency Act (BIA).
  • Conduct comprehensive and confidential initial consultations with individual and corporate debtors to assess their financial situation and explain all available statutory and non-statutory options.
  • Administer insolvency estates in strict accordance with the BIA, CCAA, and all directives from the Office of the Superintendent of Bankruptcy (OSB).
  • Prepare and file all necessary statutory documents, reports, and forms with the OSB and the courts in a timely and accurate manner.
  • Chair and conduct meetings of creditors, facilitate voting on proposals, and manage communications and negotiations between debtors and creditors.
  • Take possession of and realize on the assets of the estate for the benefit of creditors, including valuing, marketing, and selling business assets, real estate, and other property.
  • Conduct thorough investigations into the financial affairs of the bankrupt to identify any fraudulent dispositions, preferences, or other reviewable transactions.
  • Provide two mandatory financial counselling sessions to individual bankrupts, empowering them with budgeting and money management skills for a successful financial future.
  • Supervise, mentor, and train a team of estate administrators, analysts, and support staff, ensuring high-quality work and professional development.
  • Develop and execute strategies for complex corporate restructurings, including operations under the Companies' Creditors Arrangement Act (CCAA).
  • Actively engage in business development activities, building and maintaining a strong network of referral sources such as lawyers, accountants, bankers, and financial planners.
  • Act as a Trustee in bankruptcy, receiver, or monitor in court-appointed engagements, preparing detailed reports for the court and stakeholders.
  • Ensure the proper administration of estate trust funds, including the collection of payments, distribution of dividends to creditors, and management of trust bank accounts.
  • Mediate disputes between stakeholders, leveraging strong negotiation skills to achieve consensual resolutions wherever possible.
  • Represent the firm in the marketplace through networking events, public speaking engagements, and thought leadership to enhance brand visibility and attract new clients.

Secondary Functions

  • Conduct examinations under oath of bankrupts, directors, and other relevant parties to gather information and investigate financial affairs.
  • Review, adjudicate, and approve or disallow proofs of claim submitted by creditors.
  • Prepare and present complex technical reports and financial analysis to lenders, creditors' committees, and courts.
  • Liaise with legal counsel on litigation matters arising within an estate, such as the recovery of assets or challenging pre-bankruptcy transactions.
  • Support ad-hoc forensic accounting investigations to trace assets and uncover undisclosed financial information.
  • Contribute to the organization's best practices, internal policies, and compliance procedures to mitigate risk and improve efficiency.
  • Participate in firm-wide strategic planning and contribute to the growth and direction of the insolvency practice group.

Required Skills & Competencies

Hard Skills (Technical)

  • Licensed Insolvency Trustee (LIT) Designation: Must hold a valid LIT license issued by the Superintendent of Bankruptcy Canada.
  • Expert Knowledge of Insolvency Legislation: Deep, practical understanding of the Bankruptcy and Insolvency Act (BIA), the Companies' Creditors Arrangement Act (CCAA), and relevant provincial legislation.
  • Insolvency Software Proficiency: Hands-on experience with industry-standard insolvency administration software (e.g., Ascend, Insol-8).
  • Financial Analysis & Modelling: Strong ability to analyze financial statements, create cash flow projections, and perform liquidation analysis.
  • Asset Realization: Proven experience in valuing, securing, marketing, and liquidating a wide range of personal and corporate assets.
  • Forensic & Investigative Skills: Ability to investigate financial histories, identify reviewable transactions, and trace misappropriated funds.
  • Court & Legal Procedures: Familiarity with court reporting, motion materials, and the legal protocols associated with insolvency proceedings.

Soft Skills

  • Empathy & Interpersonal Skills: Exceptional ability to communicate with individuals in financial distress with compassion, patience, and professionalism.
  • Negotiation & Conflict Resolution: A master negotiator capable of mediating between opposing parties (debtors, creditors, unions, government) to find common ground.
  • Integrity & Ethical Judgement: Unwavering commitment to the highest ethical standards and professional conduct required of an officer of the court.
  • Leadership & Mentorship: Proven ability to lead, manage, and develop a team of insolvency professionals.
  • Business Acumen & Development: A strategic mindset with a demonstrated ability to build relationships and generate new business for the firm.
  • Resilience & Composure: Ability to remain calm and make sound decisions under pressure in high-stakes situations.
  • Problem-Solving & Critical Thinking: Superior analytical skills to dissect complex financial situations and devise creative, viable solutions.

Education & Experience

Educational Background

Minimum Education:

  • Bachelor's Degree in a relevant field.
  • Completion of the Chartered Insolvency and Restructuring Professional (CIRP) Qualification Program.

Preferred Education:

  • Chartered Professional Accountant (CPA) designation.
  • Law Degree (J.D. or LL.B.) is a significant asset.

Relevant Fields of Study:

  • Accounting & Finance
  • Law
  • Business Administration

Experience Requirements

Typical Experience Range:

  • 5-10+ years of progressive experience working directly within a licensed insolvency or restructuring practice.

Preferred:

  • A proven track record of independently managing a high-volume, diverse portfolio of both personal and corporate insolvency files from commencement to completion. Experience in a partner-track role, including responsibility for practice management and business development, is highly desirable.
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