Preparing for the Oral Board Examinations
The last step in the process for a CIRP seeking to obtain a license as trustee in bankruptcy is to appear at the Office of the Superintendent’s (“OSB”s) Oral Board Examinations.
The process for the Oral Board Examinations (“Orals”) changed last year and now mirrors that for the competency-based national insolvency exam (“CNIE”). Both assessments require candidates to identify critical issues, explain their relevance and make recommendations based on their analysis. As on the CNIE, the scenarios and questions presented at the Orals can be drawn from any aspect of insolvency and restructuring practices: consumer or corporate, small or large file.
At the Orals, the examiners, a lawyer, a trustee and a representative of the OSB, are specifically assessing:
Candidates are given time to preview the scenarios and questions before appearing before the Board and presenting their analysis and recommendations. Examiners will take notes throughout the process but will not ask leading questions.
It is important to remember that the Orals have been evolving with the changes last year and more adjustments expected this year. Many sponsors, insolvency practitioners and consultants are not fully familiar with this new process. The best way to stay informed is to become familiar with all of the information on the OSB website and check it regularly for updates.
Further important steps to take are to:
Should you have any questions on the process, please direct them to firstname.lastname@example.org .