Chartered Insolvency and Restructuring Professional
A Chartered Insolvency and Restructuring Professional (CIRP) is the most highly trained and educated debt expert in Canada. A CIRP-designated Licensed Insolvency Trustee is also the only debt professional who is licensed by the federal government to undertake insolvency proceedings such as consumer proposals and bankruptcies.
If you are an individual or family struggling with debt, a CIRP will help to:
- review your finances and give you an accurate picture of your situation
- present you with the full range of options: budgeting advice, debt consolidation, sale of assets, consumer proposal or bankruptcy
- deal with creditors on your behalf and ensure they cannot continue or initiate any collection action or legal proceeding against you
- ensure all parties in the process are treated fairly and help to discharge you from your debts
If you are a business that is struggling with debt, a CIRP will help to:
- assess the unique financial and operational aspects of your business
- consult with all parties involved including debtors, creditors, shareholders and investors
- recommend solutions ranging from restructuring to bankruptcy
- supervise the implementation process in a manner that addresses the interests of all parties involved
In all cases, when you seek the counsel of a Chartered Insolvency and Restructuring Professional, you can trust that he or she will be your best advisor. They are uniquely qualified, licensed and accountable to the federal regulator and dedicated to helping you choose the right solution to solve your debt problems.
About the CIRP Designation
The Chartered Insolvency and Restructuring Professional (CIRP) designation is the most widely recognized and respected designation in the insolvency and restructuring profession in Canada. This designation is currently held by close to 1000 professionals in Canada.
CIRPs often hold multiple degrees in the areas of financial accounting, business, law and finance. For example, more than 60% of CIRPs also hold the Chartered Professional Accountants (CPA) designation.
To obtain the CIRP designation, candidates must complete:
- the rigorous CIRP Qualification Program (CQP), where they are trained in key competency areas such as financing, taxation and insolvency law, to name a few,
- pass the Competency Based National Insolvency Examination (CNIE), and
- demonstrate qualifying work experience.
To maintain the designation, CIRPs must:
- keep their knowledge and skills current by completing a minimum of 20 hours of professional development each year,
- abide by the highest standards of the profession: CAIRP’s Bylaws, Standards of Professional Practice and Rules of Professional Conduct, and
- adhere to the rules and regulations of the Bankruptcy and Insolvency Act and the Companies’ Creditors Arrangement Act.
Successful completion of the program is also a prerequisite to gaining a licence to practise as a Licensed Insolvency Trustee from the Office of the Superintendent of Bankruptcy. Not all CIRPs are trustees, but it is fair to say that more than 92% of practising Licensed Insolvency Trustees are CIRPs and members of CAIRP.
To find a CIRP, please click here.