Oral Board of Examination Presentation–
September 26, 2017

• Overview of Oral Board of Examination
• Decision-making process
• Timing
• Application process
• Format
• Suggestions
• Next steps

Overview of Oral Board of Examination

After completing the Chartered Insolvency and Restructuring Professional Qualification Program, the last step in becoming a trustee is to appear before an Oral Board convened by the Office of the Superintendent of Bankruptcy.

The Oral Board is a one-hour assessment by a representative of the OSB, a Licensed Insolvency Trustee and a lawyer.

Assessment of three competencies:

• ability to communicate orally
• effective judgment and strategic thinking
• business ethics and professional skills

The Oral Board evaluates how proficiently competencies are demonstrated in the candidate’s answers, as opposed to the extent of knowledge conveyed in the answer.

Decision-making process

A scale is used to assess competencies demonstrated across a range of questions:

• proficient / adequate / weak / inadequate

Recommendation to issue a licence reflects the Board’s view that the candidate has successfully demonstrated the required competencies during the examination and is competent to practice as a Licensed Insolvency Trustee (LIT).

Timing

The Oral Boards will be scheduled following the results of the Competency-Based National Insolvency Examination and any subsequent appeals.

All eligible candidates interested in attending the Oral Boards must apply by January 21, 2018.

You will be given approximately one to two weeks’ notice of the date and time of your Oral Board.

We expect the Oral Boards to be conducted in February and March 2018.

Application Process

Those who have successfully completed the Competency-Based National Insolvency Exam (CNIE) and meet all other prerequisites may apply for licences through the OSB Licensing Administration Application (OLAA).

OLAA is a web-based self-serve interface for trustee candidates and LITs.

Those preparing for the 2018 Oral Board process can apply through the portal in winter 2017.

Format

A standardized bank of questions, established in consultation with LITs to ensure consistency, is used on a rotational basis.

Half hour pre-reading time is provided for candidates to organize their thoughts, followed by the presentation/interview (one hour).

Pre-scripted follow up questions will be asked on all long answer questions.

The Board may also ask questions to clarify their understanding of an answer.

Board members take notes throughout the examination and will not make much eye contact.

An audio recording device is used for later reference by the OSB— recordings are not available to candidates.

Candidate results are internally validated, ensuring consistency.

Suggestions

Become familiar with the Oral Boards through information on the OSB website (under How to Become a Licensed Insolvency Trustee).

• don’t presume sponsors, insolvency practitioners, or consultants are familiar with the current Oral Board process

Gain as much experience as possible in all areas of LIT practice, as prior year’s results suggest a broad range of experience is a key indicator of success on the Oral Boards.

Find candidates with experience in areas you may be weaker in and create a study group to exchange ideas and discuss questions.

Be proactive – find as many experts to practise with as you can. Find experts, including some you don’t know personally, to conduct mock boards.

Ensure your responses provide a comprehensive analysis of all considerations along with your rationale for the recommendation reached.

• the board will not to lead you to expand upon your answers

Keep in mind that the Board’s recommendation is based on your overall competency to act as a Trustee, not on consumer or commercial practice.

Be realistic and practical when presenting what you would actually do, going beyond text book responses.

For practice, use the applied knowledge questions from the CNIE— consider all available options, possible ethical issues, and how to demonstrate your professional judgement.

Examine every angle of a question.

Consider the “big picture”.

• In addition to answering the question, consider the impact of the situation on the firm’s practice and insolvency system as a whole.

Discuss with your sponsor whether you are ready to appear before the Oral Board.

Next steps

Monitor the OSB website for updates.

Watch for and review OSB’s material carefully.

Contact us if you have any questions or concerns at: ic.osblicencebsf-bkhq.ic@canada.ca