September 23, 2022
With the 2022 Oral Board of Examination, the Office of the Superintendent of Bankruptcy (OSB) implemented a pilot project to offer the option to sit an oral board for a licence limited to either consumer or corporate practice.
The exercise of this option, and success at the oral board, does not provide the successful candidate with a “different” licence. The Oral Board Members have always had, and continue to have, the option of recommending a candidate be granted a limited licence, limiting the candidate’s ability to administer estates to either consumer or corporate filings.
This pilot project option enables the candidate to choose to have an Oral Board Examination that is more focused on a specific area of practice (consumer or corporate, at the candidate’s choice), with the resulting effect that the successful candidate will be granted a licence with a corresponding limitation.
The limitation may be lifted if and when the licence holder satisfies the OSB that the competencies in the other practice area have been sufficiently developed, by successfully completing a future Oral Board Examination that assesses both areas.
The main goal of the pilot project is to assess whether there is interest in a limited licence and whether offering the option can reduce potential barriers and, possibly, have a positive impact on diversity and inclusion throughout the Licensed Insolvency Trustee (LIT) profession while maintaining the high standards required to be licensed as a Trustee.
The pilot project will facilitate the candidates’ chances of success, by allowing the candidate the possibility of an examination that is more focused on an area of practice for which the candidate has more familiarity. If the candidate chooses to challenge an Oral Board Examination with a focus on a particular practice area, the examination will also include some aspects of the other area of practice to ensure overall competency.
This pilot project will help the OSB gather information to identify possible barriers to entry, including whether the process is unintentionally weeding out diverse talent.
The OSB and CAIRP continue to work together to promote representativeness in the LIT profession given the proven benefits of diversity and inclusion. This work takes different forms, such as supporting CAIRP’s review of the Chartered Insolvency and Restructuring Professional Qualification Program (CQP) and education and awareness publications such as the OSB/CAIRP Guide to Promote Diversity and Inclusion.
The OSB will undertake periodic evaluations of the impact of the pilot project.
For more information on the pilot project, please contact OSB Licensing Services at osblicencebsf-bkhq@ised-isde.gc.ca.
Related link: Licensing options – limited commercial or consumer licence