Office of the Superintendent of Bankruptcy - Canada
- Jurisdiction: CountryCanada
- Website: http://www.ic.gc.ca/eic/site/bsf-osb.nsf/eng/home
- Company Address:
Office of the Superintendent of Bankruptcy Canada (Headquarters)
235 Queen Street
- Scope of Role:
The OSB supervises the administration of all matters to which the Bankruptcy and Insolvency Act (BIA) applies, as well as certain matters under the Companies’ Creditor’s Arrangement Act (CCAA).
The OSB licenses and regulates the insolvency profession; supervises the administration of estates in bankruptcy, commercial reorganizations, consumer proposals and receiverships; maintains a public record of BIA and CCAA filings; records and investigates complaints regarding the insolvency process; and ensures compliance through maintenance and enforcement of the regulatory framework.
Insolvency estates are administered by private-sector insolvency practitioners (Licensed Insolvency Trustees or LITs) licensed by the Superintendent. Under the BIA, insolvency practitioners include LITs, administrators of consumer proposals, and receivers. Under the CCAA, insolvency practitioners are called monitors. Receivers acting under the BIA and monitors acting under the CCAA must hold a trustee licence under the BIA. The BIA confers powers on the Superintendent to cancel, suspend or place conditions on an LIT’s license.
Pursuant to the BIA, the Superintendent may issue directives as necessary to facilitate carrying out the purposes and provisions of the BIA and the General Rules. The BIA gives statutory authority to the directives issued by the Superintendent, and LITs are bound by them.
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