How to Become a Licensed Insolvency Trustee
Becoming a Licensed Insolvency Trustee (LIT) consists of an educational component administered by CAIRP, i.e., comprehensive on-line course materials, practical experience, professional written assessments and examinations, and an on-line Oral Examination administered by the Office of the Superintendent of Bankruptcy (OSB), the profession’s licensing body.
The Path to Becoming an LIT
Begin with CAIRP’s Introduction to Insolvency Course
The Introduction to Insolvency Course provides a foundation in Canadian insolvency practice. It has no prerequisites and may be completed before an individual formally enters the CQP and must choose a qualified sponsor.
Enroll in CAIRP’s CIRP Qualification Program as a formal CQP candidate
The CQP is CAIRP’s online, self-study program, offered in English and French. Its progressive courses build the knowledge and competencies required for insolvency and restructuring practice. It is upon enrolment that CQP candidates also require a qualified sponsor who provides guidance, supports their learning, assesses certain assignments and attests to their readiness for examination.
Visit the CIRP Qualification Program page for full details about entrance requirements, courses, examinations, fees and the syllabus.
Gain practical experience
Candidates must complete at least 2,400 hours of relevant insolvency experience before attempting the Competency-Based National Insolvency Examination (CNIE). The CQP candidate’s sponsor plays an important role in this requirement.
Pass the CNIE
The CNIE is the CQP’s capstone examination. It assesses whether candidates can demonstrate the competencies expected of an entry-level CIRP. Candidates who successfully complete the applicable CQP requirements and pass the CNIE may apply for CAIRP membership and the CIRP designation.
Complete the OSB licensing process
Candidates applying for an LIT licence must meet the OSB’s requirements, which include completion of the CQP, and pass the Oral Board of Examination administered by the OSB. The Oral Board is the OSB's final assessment of a candidate's readiness to practice as a Licensed Insolvency Trustee. It evaluates whether candidates can apply their knowledge and professional judgment to real-world insolvency situations and fulfil the responsibilities of an LIT. Candidates who successfully complete the Oral Board and satisfy all OSB licensing requirements are normally granted an LIT license by the OSB.
Additional Requirement: Insolvency Counselling
Candidates must also successfully complete the Practical Course on Insolvency Counselling (PCIC) to meet the OSB’s requirements associated with LIT licensing.
Ready to Get Started?
Explore the CIRP Qualification Program to learn about entrance requirements, course content, practical experience, sponsorship, fees and how to apply. You can also review the detailed CQP syllabus or begin with the Introduction to Insolvency Course.