Canadian Association of Insolvency and Restructuring Professionals

Introduction to Insolvency Course

The insolvency industry plays an integral role in the economy by helping financially troubled individuals and businesses to obtain a fresh start by relieving them from their debt.

The Introduction to Insolvency Course is a foundational course that provides an overview of how the insolvency and restructuring system operates in Canada. It is meant for anyone who has a general interest in this field or might be working for an organization that deals with the insolvency and restructuring process and/or its participants. This course will provide you with an understanding of how Licensed Insolvency Trustees (LITs) administer the mechanisms and procedures available through insolvency legislation to help debtors and all stakeholders in the process. You will quickly learn that insolvency and restructuring is much broader than just bankruptcy!

This course is also the first step in a program that can lead to a rewarding career as a Chartered Insolvency and Restructuring Professional (CIRP) and, ultimately as a Licensed Insolvency Trustee (LIT). Those who choose this path will find that LITs perform a wide variety of roles beyond simply administering insolvency proceedings. They are problem-solvers, consultants, business advisors, and counsellors, depending on the circumstances.

Course Learning Objectives

  • Understand the purpose of the insolvency and restructuring system in Canada, the context within which it operates, and the role of the various stakeholders in the process.
  • Learn the legislation, in general terms, that governs insolvency proceedings and understand the interplay between provincial and federal insolvency laws and regulations.
  • Learn the ethical duties and obligations of a CIRP and an LIT and understand their underlying principles.
  • Understand the various options available to debtors and when they are applicable.
  • Learn in general terms each step involved in a formal insolvency process and how it may differ, depending on debtor characteristics and other factors.

Course Structure

The course is divided into three content modules.

Module 1 — Background of insolvency

Covers the key areas you need to understand in the context of insolvency, including insolvency terminology, credit, business structures, and the stakeholders and organizations involved in the process.

Module 2 — Types of insolvency proceedings

Covers aspects of the available proceedings including bankruptcy, proposals, informal arrangements, receiverships and CCAA proceedings and how to differentiate when and why one might be more appropriate than the other.

Module 3 — Typical insolvency activities of an LIT

Covers the range of processes an insolvency practitioner follows to assess an insolvency problem and develop and execute a restructuring plan that is appropriate to the situation. This includes analyzing the situation, assessing the viability of the debtor’s financial objectives, developing the plan, creating the appropriate appointment documentation for the situation, implementing and administering the plan, and reporting and distributing proceeds to stakeholders, among other things, and includes consideration to ethical and professional standards of practice. 


  • Two illustrative cases
  • One assignment case
  • Self-administered final examination (multiple choice) can be taken at any time once all course requirements are complete.

Fees and Application Process:

Registrations are accepted on an ongoing basis. Applicants must complete an online application. Once the application has been received and paid, the applicant will be sent instructions to access the course material on our learning platform. The fees include one attempt of the exam. Any exam re-write is subject to an additional fee. Click here for more details about the course fees.

Please note: There are no entrance requirements for non-CQP candidates who take “Introduction to Insolvency” as a standalone course.