How are bankruptcy trustees regulated?
As members of the public, we are all concerned with the trustworthiness of the people that we deal with. As a professional body, trustees in bankruptcy are regulated by the following organizations: • Industry Canada, which licenses bankruptcy trustees, performs periodic reviews of client files and audits of trustee trust accounts to ensure their compliance with regulatory laws. If there was any disciplinary action taken against a bankruptcy trustee, the reasons for the action will be published on their website, which can be accessed here. • The Canadian Association of Insolvency & Restructuring Professionals (CAIRP) is a professional body to which most bankruptcy trustees belong. A member of CAIRP is granted the professional designation of a Chartered Insolvency & Restructuring Professional (CIRP). To maintain her CIRP designation, a member must attend a minimum number of professional development courses and seminars in order to be current on developing issues regarding bankruptcy law.
