A Licensed Insolvency Trustee (RI) is someone registered by the Superintendent of Bankruptcy to administer bankruptcies and proposals made under the Insolvency Act. Under the Insolvency Act, anyone who has the responsibility of assisting or acting on behalf of another person that is bankrupt must be registered as an Insolvency Practitioner with the ASIC. This applies in every state in Australia, even the territories. The purpose of an Insolvency Practitioner is to assist insolvent businesses, whether large or small, manage debts in the most effective way.
Insolvency advisers are often approached by individuals, either through their local insolvency trustee or on their own, seeking advice on a wide range of debt relief options, see more here. In some cases an Insolvency Practitioner may work independently whilst some may work for a number of financial institutions or individual businesses. The majority of solicitors and insolvency advisers work in the local area. This means that they know not only the best local insolvency trustee's offices to approach, but also the best local insolvency practitioners.
A Licensed Insolvency Trustee will work closely with their client to identify their particular needs. The term " Licensed Insolvency Trustee" can apply to a number of different individuals, including directors, officers, shareholders, receivers, lenders, trusts, estates, companies and unincorporated partnerships. It is important to note that when applying for a Bankruptcy, it is necessary to provide proof of your authority to act as Insolvency Practitioner in the area. Failure to do so can result in a lack of support and representation from your local insolvency trustee office. If you do not have the necessary authority to commence the Insolvency process in your region, contact a licensed insolvency trustee. See more at https://foxmiles.ca/debt-solutions/consumer-proposal/
Once all the parties involved (clients and creditors) have met and are satisfied with the terms of the Insolvency Practitioner's contract, the Insolvency Practitioner is then authorized to commence proceedings under the Insolvency Act. Once this has been completed the Insolvency Administrator is then able to enter into a Master Insolvency Agreement with their client. The aim of this agreement is to repay all outstanding debts of the client to their creditors in full and discharge their affairs from further debt. Once this has been achieved the Insolvency Administrator is then able to distribute the assets of the client to their creditors.