Notice to Licensed Insolvency Trustees—Guidance on the Collection and Reporting of Certain Types of Fees
May 25, 2016
The Office of the Superintendent of Bankruptcy has published a new position paper, Guidance on the Collection and Reporting of Certain Types of Fees, which provides clarification on the collection of certain types of fees that may appear to be outside of the insolvency system, and, where collection is authorized, how these fees should be reported.
Examples include Licensed Insolvency Trustees (LITs) charging reopening fees; various fees included in fee agreements; and, fees for consultations with persons following the LIT’s discharge. Current practices vary regarding collection of these types of fees and their disclosure in the Statement of Receipts and Disbursements (SRD).
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