Licensed Insolvency Trustees (LIT) for
the Office of the Superintendent of Bankruptcy (OSB)
Solicitation Number: ISED192521
Organization: Innovation, Science and Economic Development Canada
Contracting Authority: Nicole Filion
Telephone Number: 613-948-7178
E-mail Address: n••••••••@••••••.ca
Contract Duration: Period of five (5) years plus two (2) possible extension periods of two (2) years each allowing Canada to extend the term of the contract.
Number of Contracts: It is expected that at least one (1) Standing Offer Agreement (SOA) per province or territory will be established as a result of this RFSO. Offerors need to qualify in the province(s) or territory(ies) where they want to offer their services
The work is currently being performed by a contractor.
DESCRIPTION OF REQUIREMENT:
Background:
The Superintendent of Bankruptcy supervises the administration of estates and matters to which the Bankruptcy and Insolvency Act (BIA) applies. The BIA provides mechanisms enabling insolvent persons to be financially rehabilitated, and ensures the equitable and orderly distribution of debtors’ property among their creditors. Among the available options, insolvent persons may voluntarily assign their property. One or more of the creditors may also cause the insolvent person to become bankrupt by means of an application filed with the court. The BIA also enables insolvent persons to make a proposal to their creditors to alter the terms of their debt repayment. Bankruptcies and proposals are administered by private-sector professionals licensed as LITs by the Superintendent in accordance with the terms and conditions of the BIA. In the context of their administration, LITs realize the property of bankrupts or collect payments pursuant to proposals. Monies collected are deposited in a trust account managed by the LIT. The LIT has fiduciary duties with regard to the management of these funds and must keep adequate books and records relating to them.
The Superintendent of Bankruptcy issues licences authorizing LITs to carry out their duties and the BIA confers on the Superintendent the power to cancel, suspend, or place conditions or limitations on LIT licenses. The Superintendent of Bankruptcy may initiate Conservatory Measures in the circumstances set out in subsection 14.03(2) of the BIA and may, pursuant to subsection 14.03(1) of the BIA, direct a person to take possession of the property of the estate in order to protect them and to preserve the rights of the creditors or the debtor. Conservatory Measures may be taken, for example, when a LIT neglects to pay the established licensing fees, upon the death of a LIT, when a LIT becomes unable to perform his duties, if a LIT is found guilty of an indictable offence that would render the LIT unable to perform his duties, or if the LIT becomes insolvent or does not comply with the conditions and limitations to which the licence is subject. In addition, Conservatory Measures may be taken if the LIT is the subject of an investigation that identifies offences and problems in the administration of estates that necessitate action being taken to protect the estates. In such cases, the Superintendent of Bankruptcy may request or direct a person as LIT in order to protect the estates and complete their administration.
Project Requirement / Objective:
The Office of the Superintendent of Bankruptcy (OSB) is seeking to establish Standing Offer Agreements (SOA) in order to have at its disposal a list of suppliers who can act as Licensed Insolvency Trustees (LIT) upon request from the Superintendent of Bankruptcy in the context of Conservatory Measures under the Bankruptcy and Insolvency Act (BIA). Suppliers must hold individual or corporate licences under the BIA. The services of the selected LITs will be required depending on the needs of the Office of the Superintendent of Bankruptcy (OSB).
SECURITY REQUIREMENTS:
There is no security requirement applicable to the Contract.
Inquiries:
All enquiries regarding this bid solicitation must be submitted in writing to the Contracting Authority named below as early as possible within the solicitation period to allow sufficient time to provide a response. All enquiries must be submitted in writing no later than seven (7) working days before the bid closing date. Enquiries received after that time may not be answered.
The Contracting Authority is:
Name: Nicole Filion
Title: Contracts and Procurement Advisor
Email address: n••••••••@••••••.ca
