Photo and Interview Opportunities - News Conference - Introducing the Licensed Insolvency Trustee: Canada's licensed insolvency professional

Trustee name no longer refers to the word "bankruptcy" in order to highlight range of services for Canadians when insolvent

OTTAWA, March 22, 2016 /CNW/ - "Bankruptcy" is a scary word to many Canadians. 
That's why as of April 1, 2016, federally licensed professionals who administer insolvencies under the Bankruptcy and Insolvency Act for tens of thousands of consumers and businesses every year will have a new designation.

Licensed Insolvency Trustee is the new name for professionals formerly known as Trustees in Bankruptcy. Under a directive issued by the Office of the Superintendent of Bankruptcy (OSB), the designation must be used in trustee advertising, communications and representations as defined by the directive. The new designation may also be abbreviated as "LIT".

"Trustees do not just administer bankruptcies, as the previous title suggested, but have more options at their disposal to assist Canadians when they are insolvent" said Mark Yakabuski, President and Chief Operating Officer of the Canadian Association of Insolvency and Restructuring Professionals (CAIRP).

As the professional association that represents nearly 1,500 trustees and associates across the country, CAIRP is pleased that the new designation helps to position its members as the 'go-to' professionals best suited to help Canadians understand their options. "Canadians in financial difficulty should first visit a Licensed Insolvency Trustee to see the various services they can provide and take advantage of the free initial consultation offered by most trustees", Yakabuski added.

CAIRP and its members have for many years sought a new designation that more accurately describes the breadth of services they provide to consumers and businesses.  

"Canadians need to know exactly where to turn when they are in financial difficulty. The Licensed Insolvency Trustee is the only professional licensed by the OSB who can help Canadians who can't pay their debts and who may owe more than they are worth," said Chantal Gingras, Vice-Chair of CAIRP.

CAIRP is committed to providing consumers with better information about the options offered by Licensed Insolvency Trustees to assist consumers and businesses, and to clearly distinguish our members from unlicensed service providers.  

Members of the media are invited to join CAIRP at a media conference to discuss the change. 

Date:	Wednesday, March 23, 2016
Time:	10 a.m.
Location:	Charles Lynch Parliamentary Press Theatre Centre Block, Parliament, Ottawa

One-on-one interviews will be available following the formal media conference. For members of the media unable to attend in person, requests for phone interviews with the primary spokespersons can be arranged in advance via the media contact below.

SOURCE Canadian Association of Insolvency and Restructuring Professionals (CAIRP)

Andrew Flynn, Communications Manager, Canadian Association of Insolvency and Restructuring Professionals, 416-204-3242, ext. 3563, [email protected]