Creditors

Your rights and options when someone owes you money.

The following links are provided to answer the particular needs of creditors, the proper term for those who are owed money. If you have extended credit to another person or organization that is now insolvent or bankrupt but still owes you money, then these links will help you understand your rights and options.

You may wish to start by reading our document, Creditors' Frequently Asked Questions or visiting Bankruptcy Basics

You should also be aware of the trustee's role in the process. A trustee in bankruptcy is a person licensed by the Superintendent of Bankruptcy to handle the process of proposals and bankruptcies. Representing creditors (those who are owed money), trustees are officers of the court. In addition, they

• advise debtors of their options with respect to debt problems;
• prepare official documentation that is both filed with the Superintendent of Bankruptcy and used to notify creditors;
• ensure the validity of claims;
• ensure that debtors are provided with mandatory counselling and access to mediation services if there is a dispute regarding any income they are required to contribute;
• sell the debtor's assets (except those that are exempt from seizure) and hold the proceeds in trust for distribution to the creditors;
• assess the debtor's conduct both before and during a bankruptcy, as well as the cause(s) of the bankruptcy; and
• make an application for a debtor's discharge (in the case of individual debtors).

Trustee Directory
The Trustee directory allows you to search for licensed trustees by name, company, city or province.

Inspectors' Handbook
This guide’s aim is to provide information about the role and responsibilities of inspectors, as well as to highlight and explain relevant provisions of the Bankruptcy and Insolvency Act.

Unpaid Suppliers (Demand for Repossession of Goods)
When a purchaser is bankrupt or in receivership, a supplier can repossess the goods at its own expense, subject to certain conditions of the Bankruptcy and Insolvency Act. This section of the OSB website briefly explains the rights of unpaid suppliers.

Unclaimed Dividends Search Service
This service allows creditors to quickly and easily search our records for unclaimed monies that may be owed to them from a past bankruptcy or proposal.

Insolvency Name Search
A searchable database of bankruptcies and proposals filed since 1978 in Canada. Use this database to find out if an organization or person has a history of bankruptcies or proposals. If so, you will also get the trustee's name and firm.

Other Important Links for Creditors

From the Directives, Circulars and Forms section on the OSB website:

• Form 31 Proof of Claim (PDF Format)
• Form 32 Proof of Claim for Securities Firm Bankruptcies (PDF Format)
• Form 74 Proof of Claim (Property) (PDF Format)

From the Publications and Reports section on the OSB website:

• OSB Newsletter
• All About Bankruptcy Mediation
• Bankruptcy Statistics

You may want to also see these related documents and websites: 

• An Empirical Study of Canadians Seeking Personal Bankruptcy Protection, January 1998 by Consumer Connection
• Canadian Association of Insolvency and Restructuring Professionals
• The Insolvency Institute of Canada
• Credit Institute of Canada
• International Association of Insolvency Regulators
• International Insolvency Institute