The Official Qualification Process to Become a CIRP
The Chartered Insolvency and Restructuring Professional Qualification Program or CIRP Qualification Program (CQP) is the official qualification process for individuals seeking to become a Chartered Insolvency and Restructuring Professional (CIRP). Additionally, this is the path to become a Licensed Insolvency Trustee and a qualified BIA counsellor to provide financial counselling to a debtor, consumer debtor, bankrupt or relative of a bankrupt. This national program is offered in both official languages through CAIRP, the Canadian Association of Insolvency and Restructuring Professionals.
The Chartered Insolvency and Restructuring Professional Qualification Program (CQP) is a self-directed competency-based program developed to give candidates a theoretical, technical and practical background in insolvency and restructuring that will complement practical knowledge gained from work experience.
"To provide an adaptable and relevant education and qualification program that affords a flexible learning structure to talented individuals seeking to provide professional insolvency and restructuring services."
Background and Transition
The Program was established in September of 1997 as a joint initiative of the Office of the Superintendent of Bankruptcy (OSB) and Canadian Association of Insolvency and Restructuring Professionals (CAIRP) under the name "National Insolvency Qualification Program (NIQP)".
Under the terms of a new Memorandum of Understanding (MOU) signed October 8, 2009 by CAIRP and the OSB, CAIRP assumed sole responsibility for the creation, delivery and maintenance of the education program required to become a CIRP, Licensed Insolvency Trustee and qualified insolvency counsellor. The program is named the "CIRP Qualification Program, or CQP".
The CQP builds on the strengths of the NIQP, providing not only updated technical content, including the incorporation of recent amendments to the Bankruptcy and Insolvency Act and the Companies' Creditors Arrangement Act, but also new material aimed at helping candidates develop the skills they will require to succeed.
CQP candidates who complete the Program, including the Practical Course on Insolvency Counselling (PCIC), fulfill the experience requirement and pass the Competency-Based National Insolvency Examination (CNIE) are immediately eligible to apply for CAIRP membership and are encouraged to do so.
As a not-for-profit corporation whose members are professionals, CAIRP promotes ongoing training and professional development. Members of CAIRP are designated as Chartered Insolvency and Restructuring Professionals and may display the certification mark “CIRP” after their name upon signing a licence agreement with CAIRP.
Completion of the CQP is generally a prerequisite to receiving an invitation from the OSB to challenge the Oral Board examination for the purpose of obtaining a licence as a Licensed Insolvency Trustee.
Licensed trustees who are not already members of CAIRP are invited to apply for membership to CAIRP. CAIRP encourages on-going training and professional development and licenses practitioners to use the CIRP certification mark upon signing a license agreement.
For further information please visit the section How to Become a Trustee of the OSB website.
Disclaimer of Liability
The CQP reserves the right to amend course information, prices, and any other information on this website. In any instance of discrepancy between information on this website and other information provided by the CQP, the most recent information, as stipulated by the CQP Registrar, shall take precedence.
In all instances, it is the responsibility of applicants and candidates to ensure they have requested and obtained accurate information about the CQP and the steps to become a CIRP and/or a licensed Insolvency Trustee. In no instance will the CQP be liable for any expenses, potential losses, or unrealized revenue that might be portrayed as having occurred either as a result of the refusal of the CQP to admit an applicant into the Program or from any failure of a candidate to become a CIRP and/or a Licensed Insolvency Trustee.