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Superintendent of Bankruptcy
From Wikipedia, the free encyclopedia
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The Superintendent of Bankruptcy is a Canadian government position charged to ensure that bankruptcies and insolvencies in Canada are conducted in a fair and orderly manner.
Whether you are a debtor (you owe money), a creditor (you are owed money) or a trustee (someone who administers bankruptcies and insolvencies), our goals are equally simple: to make the bankruptcy and insolvency process easier for you to understand and provide you with the information you need to best manage your situation.[1]
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Nomination
The Superintendent of Bankruptcy is appointed by the Governor in Council for a term of not more than five (5) years. However, the Superintendent's term can be renewed by the Governor in Council following those five years. During his term, the Superintendent may also be removed from office for cause by the Governor in Council.[2]
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Role and Responsibilities of the Superintendent of Bankruptcy
The Superintendent of Bankruptcy's primary role is to supervise the administration of all estates and matters to which the Bankruptcy and Insolvency Act applies.[3]
The Superintendent of Bankruptcy is also responsible for the licensing of insolvency trustees in Canada. To be issued an insolvency trustee licence, a trustee must abide by the specific terms and conditions determined by the Superintendent. Additionally, when the trustee fails to meet the conditions that led to the granting of the licence, the Superintendent has the authority to revoke his or her licence.[4][5]
The Superintendent of Bankruptcy may also intervene in any matter or proceeding in Court and issue directives to Official Receivers, insolvency trustees, administrators and other persons who provide counselling with respect to the administration of the Act.
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References
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