What’s the OSB?
Office of the Superintendent of Bankruptcy
What Is It?
The Office of the Superintendent of Bankruptcy (OSB) is responsible for ensuring compliance with the Bankruptcy and Insolvency Act (BIA) for personal and corporate bankruptcies in Canada. When you file for personal bankruptcy, you’ll need to work with a trustee who is licensed by the OSB.
What Does the OSB Do?
The OSB does the following tasks:
- Licenses, regulates, and supervises bankruptcy trustees.
- Maintains public records of bankruptcy proceedings.
- Investigates insolvency-related complaints.
- Reviews bankruptcy forms.
- Establishes the professional standards for the insolvency industry.
- Helps consumers find trustees when they need to go bankrupt but can’t afford the full cost of bankruptcy.
Personal Bankruptcy and Insolvency Records and Files
Many people don’t know that the OSB office keeps records of bankruptcy and insolvency. According to their website, the Bankruptcy and Insolvency Records database has statistics on:
- Basic debtor information of all bankruptcies and proposals registered in Canada since 1978.
- All receiverships registered with their office since January 1993.
- All petitions recorded at their office.
- All companies that have been granted protection under the Companies’ Creditors Arrangement Act (CCAA) since September 18, 2009.
Bankruptcy is a matter of public record, so the public may access the database for a fee. More information about public bankruptcy records, filings, online searches and fees can be found on the OSB website.
Bankruptcy Law in Canada
The Bankruptcy and Insolvency Act
The OSB is an agency within Industry Canada, which is part of the Federal Government. The Bankruptcy and Insolvency Act is the law in Canada governing the insolvency (bankruptcy) process.
The Superintendent and Legal Side of Bankruptcy
More Help and Information About Personal Bankruptcy and the OSB
If you are struggling to pay your debts and aren’t sure if you need to file for bankruptcy, get help determining your options. One of our credit counsellors will answer your questions and provide you with guidance and free information so that you can make an informed decision. Contact us today by phone at 1-888-527-8999, by email or chat with us online now. For additional details about the Superintendent of Bankruptcy, visit the OSB website.
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