Finding a Trustee

Posted on Wednesday, November 15, 2006

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I need to file for bankruptcy in Alberta and need to select a trustee are there any special questions I should be asking or anything specific I should look for to make sure I find teh trustee that would be the best for me?

Filed under: Bankruptcy
 posted by Questions @ 12:23 am
1 Expert Comment:

 At November 15, 2006 | 11:29 am , Barton Goth, GCO Inc. Bankruptcy Trustees Said...

There are many ways to find a trustee, I find one if the best ways is to use the internet. The nice thing about the internet is it gives you an opportunity to learn a little about the process so that you feel more comfortable when sitting down with the trustee. However, the key thing to do when using the internet for research is make sure you are accessing sites that are locally based. Do a search on the word bankruptcy and the name of the city in which you live (for instance: bankruptcy Guelph - that’s where I live). That should give you a list of local trustees and you can link to their websites to see what they have to say and how they say it.

Past this, the most important thing when picking a trustee is if find someone you feel comfortable with, as you will make your life easier over the next 9 or so months. Another item I would look for is whether or not they are a member of the Canadian Association of Insolvency and Restructuring Professionals (CAIRP), if a trustee is a member of this association they must adhere to a more intensive code of conduct than those who are not.

Another important thing to be aware of is relationship you will have with the trustee. Despite being able to select the trustee you are going to be dealing with, the trustee does not work for you, your trustee is an officer of the Court and they are obliged to try and collect as much money as possible on behalf of your creditors. They have a duty of care to anyone involved in the process, including you, but the trustee does not work for you.

This role is very similar to that of a referee at the hockey game. There are 2 parties (i.e. you and your creditors) and the trustee is obligated to ensure that both parties know how to play a game, what the rules are, and ensure everyone is abiding by those rules.

I hope this helps and if there is anything further I can do to help feel free to contact me here in Edmonton at any time.

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