Bankruptcy: The Role Of The Inspector
For over 65 years, D. & A. MacLeod has been providing solutions to a variety of debt problems.
Filing for bankruptcy can be stressful, but the licensed insolvency trustees at D. & A. MacLeod Company Ltd. are committed to helping you navigate the process. On top of dealing with the necessary paperwork on your behalf, you can count on us to ensure your rights are respected.
Bankruptcy is a legal process that provides financial relief by allowing you to pay down a portion of your debts over time or have them eliminated entirely. Once you file, creditors can no longer collect money or take legal action against you.
The Role of The Licensed Insolvency Trustee
Filing for bankruptcy is a complex process that requires the financial advice and services of a qualified professional. That’s why licensed insolvency trustees (LIT) are the only professionals in Canada who are authorized to manage and supervise bankruptcies.
Since LITs have earned a special licence, they’re subject to ongoing oversight and must adhere to federal standards of practice. When you hire a LIT, you can rest assured you’re dealing with someone who has the knowledge, experience and skills to help you get out of financial difficulties.
If you file for bankruptcy, your LIT will deal directly with creditors and inspectors on your behalf. In short, they’ll work on selling your assets and using the money raised to pay off creditors and settle your debts.
The Role of The Inspector
Inspectors occupy positions of trust and must perform their duties impartially. They’re appointed by creditors to provide your LIT with direction and advice on how to manage your bankrupt estate. In addition, they’re required to supervise and examine certain documents and accounts to ensure the administration of your file meets the required standards.
An inspector’s professional expertise can benefit your estate. For example, inspectors may use their industry-specific knowledge to help your LIT negotiate the best terms or sell assets at a higher price. Their job is to help your LIT create a fair and reasonable offer that will repay a percentage of what is owed to your creditors.
A Trusted Source for Bankruptcy Solutions In Ottawa
For over 65 years, D. & A. MacLeod Company Ltd. has been providing solutions to a variety of debt problems. Our team can assist you with personal bankruptcy or corporate insolvency. We understand that every financial crisis is different and will take the time to create a personalized solution that meets your needs.
Contact us today to schedule a free, no-obligation consultation with a licensed insolvency trustee in Ottawa or at one of our other locations across Eastern Ontario, including Kingston, Brockville, Cornwall, Kanata, Pembroke and Smiths Falls.