Once the decision to file for bankruptcy has been reached, or once a Receiving Order has been made by the Court, the first step is to meet with the Trustee. Trustees are the only individuals licensed by the Superintendent of Bankruptcy to administer bankruptcies under the Act.
To prepare for your initial meeting, assemble the following information: all recent financial statements (those prepared by your bookkeeper or accountant, and any other available internal statements), a list of liabilities (include names, addresses, account numbers, and approximate amounts owed), copies of any security given to creditors (liens, chattel mortgages), copies of all leases, copies of prior years tax returns, and any other information that may be required by the Trustee such as insurance policies or title papers. Credit cards issued to the business are also required to be turned over to the Trustee for cancellation.
It is important to note that the Trustee is an Officer of the Court whose responsibilities include
making sure that the debtor's rights, as well as those of creditors, are respected.
