Update on the Trustee Electronic Record Keeping (TERK) Pilot Project Launched in May 2007
The Trustee Electronic Record Keeping pilot project that began in May 2007 in co-operation with a trustee firm has now been completed. In early April 2008, the Office of the Superintendent of Bankruptcy (OSB) received a report from the firm documenting results.
The goal of the pilot project was to reduce trustees’ use and retention of paper files, while maintaining the integrity of electronic data to allow for inspections and investigations of the administration of insolvency files, as well as access to documents where required.
You may consult the Terms of Reference of the pilot project agreement between the trustee firm and the OSB, which were intended to ensure that legislative requirements were respected and that all paper files were retained for the duration of the project.
The OSB will now study what actions can be taken to address the comments and recommendations included in the Report submitted by the trustee firm.