How to Become a Licensed Insolvency Trustee

Becoming a Licensed Insolvency Trustee (LIT) requires a combination of education, hands-on experience and professional examinations. The Chartered Insolvency and Restructuring Professional (CIRP) designation is the exclusive pathway to becoming a Licensed Insolvency Trustee, and candidates must meet the requirements established by the Office of the Superintendent of Bankruptcy (OSB). These requirements include completion of the CIRP Qualification Program (CQP) as well as the Oral Board examination administered by the OSB. 

CIRP Qualification Program 

The educational foundation is built through the CIRP Qualification Program, CAIRP's structured course of study, delivered online in both English and French, so you can build the knowledge and skills required at your own pace.

Gaining Practical Experience

Alongside your coursework, you'll gain hands-on experience working under a sponsor, applying what you're learning to real insolvency files. Candidates are required to accumulate a minimum of 2,400 hours of relevant insolvency experience, giving you a solid grounding in both consumer and corporate settings before you take on the responsibilities of an LIT.

The Competency-Based National Insolvency Examination

Once your coursework and experience hours are complete, you'll write the Competency-based National Insolvency Examination (CNIE), a national exam that lets you demonstrate the practical competencies expected of an entry-level CIRP. Passing the CNIE makes you eligible to apply for CAIRP membership and hold the CIRP designation.

The Oral Board Examination

From there, the final step is the Oral Board examination noted above, administered directly by the OSB. Candidates appear before a three-person board — an OSB representative, a Licensed Insolvency Trustee, and an insolvency lawyer — and are given a set of long- and short-answer questions to prepare before presenting their answers to the board in person. This is where the OSB formally assesses your readiness to take on trustee authority — the ability to administer bankruptcies, file consumer proposals, and guide both debtors and creditors through the process under the Bankruptcy and Insolvency Act. Results are typically communicated by letter before the end of July.

Getting Started

Many candidates begin with the Introduction to Insolvency course, which counts as a credit toward the CQP if you later meet the program's entrance requirements. Visit the CIRP Qualification Program page to learn more, or explore Program Fees and the Syllabus for more details.