What is a Licensed Insolvency Trustee?

It’s no secret that financial problems are part of everyday business life and can be a real headache to manage. Particularly in this turbulent period punctuated by the COVID-19 epidemic. Each situation is different and must be approached in an appropriate manner, which in itself requires a certain expertise, which is complicated to acquire in any other way than by having experience in this area.

In this sense, offering the services ofa bankruptcy trustee can help you face this type of situation and, in most cases, bounce back and approach the problems from an angle more conducive to their resolution.

What is a Licensed Insolvency Trustee, what is their preferred terrain and when should you use their services? the answer to these questions in the rest of this topical file dedicated to SAI.

What is the role of the Licensed Insolvency Trustee in debt management?

Debts are part of the daily life of a company but when they are poorly managed, they can quickly lead the company into risky situations, not to mention bankruptcy. It is precisely to calmly deal with this type of situation that the SAI finds its interests.

The main role of a licensed insolvency trustee is to do everything possible to create a tailor-made strategy, adapted to each client wishing to Free yourself from debt. In principle, the SAIs put in place several stages, or levels to go through with the sole aim of confirming your over-indebtedness problems.

What are the main advantages of a Licensed Insolvency Trustee?

Until recently, the Licensed Insolvency Trustee was known as the Trustee in Bankruptcy. As such, an SAI has the role of supporting any person or company whose objective is to resolve a problem linked to financial management. Here are more details to help you understand the scope of an SAI and what it can provide you:

  • The management of your finances must be entrusted to people you trust but also have experience. The advantage of a Licensed Insolvency Trustee is in particular to be specialized in areas where finances are at risk and as a result, their field experience in dealing with sometimes critical situations is a major advantage.
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  • Generally speaking, consult a licensed insolvency trustee completely free of charge for the client during the first meeting. It goes without saying that to establish a complete strategy you will need to establish a budget with your advisor but have an overall idea of ​​the situation, there is nothing like the advice of an SAI. They will be able to reassure you about the situation and help you assess your needs to move on to the recovery stage.
  • Before going through bankruptcy, an LIT will make sure to cover all possible solutions to get you out of this delicate situation. By taking into account all the factors at the moment “T”, the expertise of your advisor will be useful in choosing the solution best suited to your needs.
  • The role of an LIT is above all to support you and collaborate with you to establish and follow a debt management plan. Each decision will be made in conjunction with the client, taking into account the constraints and needs of each individual.
  • An SAI will ensure that all of its fees are included in your strategy. As a result, you will not have any unpleasant surprises regarding these costs and their payments can be spread over several consecutive months depending on your budgetary constraints.