905-279-7000 jim@jameswalker.ca

James B.

Walker & CO.

Licensed Insolvency Trustee

Call us at

(905) 279-7000

You become bankrupt upon the appointment of your Licensed Insolvency Trustee by an Official Receiver, a person who works in the Office of the Superintendent of Bankruptcy. From that moment on, you lose all your rights to deal with your assigned assets. All your debts are frozen under a Stay of Proceedings. Your creditors must now deal with your Licensed Insolvency Trustee handling your bankrupt estate. 

When your Licensed Insolvency Trustee is appointed, you become bankrupt, and you are referred to as an undischarged bankrupt. As such, you have certain Duties of a Bankrupt and responsibilities under the Bankruptcy and Insolvency Act. In summary, cooperate with your Trustee to complete the administration process as quickly and smoothly as possible. 

Duties of a Bankrupt 

✔   provide information and documentation to your Trustee about assets
      you own
 in Canada or elsewhere 

✔   provide information and documentation to your Trustee about
      creditors you owe money to, including friends, relatives, or businesses 

✔   disclose information to your Trustee about any property, asset or
      cash you sold, transferred, gave away, cashed in, or disposed of within 12 months before your date of bankruptcy 

✔   disclose information to your Trustee about any property, asset or
      cash you sold, transferred, gave away, cashed in, or disposed of, including real estate, within 5 years before your date of bankruptcy 

✔   provide information and documentation of all your books and records or business transactions requested by your Trustee 

✔   provide all your credit cards to your Trustee even if there is nothing
      owing 

✔   attend meetings when required by your Trustee, your creditors
      or the Official Receiver and answer all questions truthfully 

✔   attend your first and second Counselling Sessions within the required time frames 

✔   provide monthly income and expense information and documentation to your Trustee and inform your Trustee of any changes in
your financial circumstances or number of people in your family unit 

✔   pay any Bankruptcy Surplus Income required under Section 68 of the
      Bankruptcy and Insolvency Act to your Licensed Trustee 

✔   provide income tax information and documentation to your Trustee so your Trustee may file your income tax returns on time 

✔   keep your Trustee advised of your whereabouts, or place of
      residence, and changes in your phone number, email address, or residential address 

✔   generally do such things or acts as may reasonably be required by your
      Trustee, or prescribed under the Bankruptcy and Insolvency Act, or
      directed by the Court