On January 29, 2018, the Office of the Superintendent in Bankruptcy issued Directive No. 1R4 Counselling in Insolvency Matters (https://www.ic.gc.ca/eic/site/bsf-osb.nsf/eng/br03864.html), which came into effect on October 1st, 2018.
Canadian regulations under the Bankruptcy and Insolvency Act (BIA) require that individuals who counsel debtors in trustees' offices and credit counselling services become registered Insolvency Counsellors.
As a result, the Canadian Association of Insolvency and Restructuring Professionals (CAIRP), and the Office of the Superintendent of Bankruptcy have revised the previous Insolvency Counsellor's Qualification Course “ ICQC” and created the new Practical Course on Insolvency Counselling "PCIC".
The Practical Course in Insolvency Counseling is available in English and French through the CIRP Qualification Program (CQP) and the Canadian Association of Insolvency and Restructuring Professionals (CAIRP).
Only qualified Insolvency Counsellors are permitted to counsel under the Bankruptcy and Insolvency Act (BIA). The PCIC provides the foundation for insolvency counselling and is one of the requirements for becoming a qualified counsellor under the BIA. All requirements are listed in the section “Becoming a Qualified Counsellor” located at the end of the Information and Registration Brochure.
This online course for CQP candidates and those who provide BIA counselling to bankrupts and debtors provides the basic knowledge required by a competent Insolvency Counsellor. Course topics, are arranged into four modules.
Candidates may register for the New Course starting in June 2019, with course materials being available in July 2019.