Accreditation Agreement with The Canadian Association of Insolvency and Restructuring Professionals

Insolvency and Restructuring, CA•CIRP

The Canadian Institute of Chartered Accountants (CICA) and the Canadian Association of Insolvency and Restructuring Professionals (CAIRP) are pleased to announce an agreement that accredits CAIRP as the only body whose designation leads to recognition as a CA-designated specialist in insolvency and restructuring. For details on the agreement please see Objectives.

CAs who are CIRPs

CAs who are also CIRPs who wish to describe themselves as CA-designated specialists in insolvency and restructuring and use the symbol CA•CIRP must register in the specialty register of their Provincial Institute(s). Registration is free. A member must file a declaration that he or she continues to devote a significant percentage of time to to the specialty and continues professional development relevant to the specialty. (In Quebec, government regulations currently prevent members from describing themselves as specialists and using the designation style CA•CIRP.)

For information on registering as a CA•CIRP see the Declaration Form or contact Marianne So by e-mail marianne.so@cica.ca.

How to become a CIRP

The Canadian Association of Insolvency and Restructuring Professionals (CAIRP) is recognized as the leading insolvency body and in partnership with the Office of the Superintendent of Bankruptcy offers the only qualifications program for insolvency practitioners in Canada. The National Insolvency Qualification Program (NIQP) introduced in 1997 is the official qualification process for those wishing to become licensed bankruptcy trustees. The creation of the NIQP achieves "one-stream licensing" in that the qualification process to become a CIRP and a trustee in bankruptcy is the same. This ensures a consistent, national approach to training that promotes professionalism and increases the knowledge level and expertise of CIRP applicants.

The National Insolvency Qualification Program

The NIQP is the common qualifications system for providers of insolvency services in Canada. To be eligible to register in the NIQP a candidate must be a Canadian resident and have one of the following:

a Canadian university degree or equivalent;
a relevant professional designation recognized in Canada; or,
permission from the NIQP Board of Directors.

The NIQP requires that a candidate successfully complete:

a five-course program including three formal course examinations;
the Insolvency Counsellor’s Qualification Course (ICQC);
the six-hour written National Insolvency Examination (NIE); and,
an examination before the Oral Board of Examiners.

All NIQP students are responsible for finding sponsors to direct their studies, mark assignments, act as mentors, and attest to their readiness to be examined. A candidate is required to complete a minimum of 2,400 hours of practical experience with a qualified sponsor prior to his or her first attempt at the NIE. Sponsors must be licensed trustees in good standing with CAIRP and ideally will employ their candidates, and file an authorized sponsorship form with CAIRP.

For more information on the CIRP program visit h ttp://www.cairp.ca.

The Canadian Association of Insolvency and Restructuring Professionals

The Canadian Association of Insolvency and Restructuring Professionals is a national professional organization whose general members comprise the majority of Canadian insolvency professionals acting as trustees in bankruptcy, receivers, agents, monitors and consultants in insolvency matters. There are about 1,000 general members and another 600 members (in the articling, life and corporate categories). The Association is a non-profit corporation, established in 1979 to "advance the practice of insolvency administration and the public interest related to it".

The mission of the Canadian Association of Insolvency and Restructuring Professionals is to:

develop, educate, support and give value to its members;
foster the provision of insolvency / restructuring services with integrity, objectivity and competence, in a manner that instills the highest degree of public trust; and
advocate for a fair, transparent and effective system of insolvency / restructuring administration throughout Canada.

The majority of the Association's general members also belong to The Canadian Institute of Chartered Accountants, with which the Association is affiliated. The Association is affiliated with the eight provincial insolvency and restructuring associations in Canada. However, admission to general membership is not restricted to chartered accountants, it is open to anyone who meets the Association's standards of admission, completes the Prescribed Course of Study and passes the required examinations. General members are entitled to use the certification mark "CIRP" (Chartered Insolvency and Restructuring Professional); and life members may use CIRP (ret.).

Objectives of the CICA-CAIRP Accreditation Agreement

The CICA seeks to strengthen insolvency practice and increase CAs' marketability by working with the CAIRP to promote its programs and the Chartered Insolvency Practitioner Professional (CIRP) designation across Canada and internationally. The main objectives of the accreditation agreement are to:

permit the CICA to recognize the CAIRP as an "Accredited Organization" and the appropriate organization to certify CAs as specialists in insolvency services;
enhance the strategic relationship between the CICA and the CAIRP to lead to other cooperative activities in education, research and professional standards related to insolvency/business recovery services;
encourage CAs who wish to become specialists in insolvency services to obtain the CIRP licence; and,
ensure that CAs and CIRPs are informed about national and international insolvency and business recovery practice issues.

For more information please contact:

The Canadian Institute of Chartered Accountants
277 Wellington Street West
Toronto, ON M5V 3H2

Phone:  416-204-3331
Fax:       416-204-3415
E-mail:   marianne.so@cica.ca