628 - Only 780 Trustees for 40 Million Canadians: What It Takes

What does it actually take to become a Licensed Insolvency Trustee (LIT) in Canada? Hint: It's not just a quick course and a quick test. In this episode, Doug Hoyes welcomes back Charlie Kovacs to the studio for his first official appearance as a newly minted Licensed Insolvency Trustee! Together, they pull back the curtain on the multi-year journey required to earn the designation. From university requirements and the BIA Insolvency Counselors course to surviving the notorious PC3 assignments, the rigorous two-day CNE case exam, and facing the Office of the Superintendent of Bankruptcy (OSB) oral board examinations—they cover it all. Whether you are looking to enter the industry, working at a bank looking for a career change, or just curious about the administrative and legal backbone of consumer proposals and bankruptcies, Charlie shares invaluable advice on what to expect, how to stay committed, and what a trustee actually does on a day-to-day basis. Don't forget to like, subscribe, and hit the notification bell so you never miss our weekly financial insights! Connect with Charlie Kovacs or book a consultation: hoyes.com Learn more about the Canadian Association of Insolvency and Restructuring Professionals (CAIRP): https://cairp.ca Questions answered in this episode: 1) What does it take to become a Licensed Insolvency Trustee in Canada? 2) How long does the qualification process take? 3) What counts toward the 2,400-hour experience requirement? 4) What are IP3, the CNIE and the oral board examination? 5) What is the difference between a CIRP designation and an LIT license? 6) What does a Licensed Insolvency Trustee actually do for clients? Time Stamps: 00:00 Meet Canada's Newest Insolvency Trustee 01:05 Do You Need A University Degree? 02:07 Becoming A BIA Insolvency Counsellor 04:40 The Introductory Course & Experience Requirement 09:26 IP3: Insolvency Processes, Practices and Principles 12:06 The CNI Exam & CIRP Designation 13:28 OSB Oral Boards Explained 21:00 New Trustee Probation Period 22:09 Total Timeline: 3-6 Years 26:33 What Trustees Do Every Day 29:39 Final Advice & Closing DISCLAIMER: This video is for educational and informational purposes only and is not financial, legal, or insolvency advice. Debt options including consumer proposals and bankruptcy have serious legal consequences and affect everyone differently. For advice about your specific situation, consult a Licensed Insolvency Trustee in Canada. Content reflects Ontario / Canadian law (Bankruptcy & Insolvency Act) as of September 2026.