What is a Trustee?
A Trustee is an individual who is licensed to administer bankruptcies by the Office of the Superintendent of Bankruptcy, an Agency of Industry Canada, Government of Canada. The bankrupt is NOT a client of the Trustee, rather the Trustee is an intermediary who has a responsibility to both the bankrupt and the creditors.
The Trustee will inform you of the effects of bankruptcy and will prepare the necessary documents to file the assignment in bankruptcy with the Office of the Superintendent of Bankruptcy. The act of filing an assignment in bankruptcy stays (stops) the actions of your creditors but does not release you from your debts. The release is achieved by getting a “discharge” from bankruptcy.