Welcome to the CIC e-Newsletter - September 2009
Editor’s Message – September 2009
For the past 18 months, the world economy has been on a roller coaster ride. One day the stock market is up and there are predictions that the recession will soon be over. The next day it’s down and the pundits tell us investors still don’t feel confident about the economy and world economic prospects. The government says it’s making more funds available for public works projects yet the companies in public works complain that the funds are nowhere to be seen.
These apparent contradictions surround us in the credit world as well, as you will see when reading the articles and updates in this edition of To Your Credit. Statistics released by the OSB indicate that the total number of insolvencies for the 12 month period ending June 30, 2009 increased by 28.6% compared to the same period ending June 30, 2008. Yet business insolvencies for the same period are down by 4.9% and most of that is due to the reduction in insolvencies in construction and retail businesses. Surprising as it may seem to some, construction posted its lowest recorded volume ever of insolvencies in the 12 month period ending June 2009. So what’s happening and why?
Our role, as your professional association, is to help you make some sense out of what’s going on by providing the facts without the media hype.
We hope you will enjoy reading this edition of To Your Credit and look forward to your comments. Please remember that we are always on the look out for articles of interest to our members. CCP and ACI members who submit articles for publication can earn valuable PDP points. Please feel free to contact me at: rdelovitch@creditedu.org and I’ll fill you in on the details.
Happy reading!
Reggie Delovitch, MBA
General Manager
Disclaimer
The views expressed in the articles are the opinions of the writers and contributors not those of the Credit Institute of Canada. Nothing in this publication is intended as legal advice, or tax or accounting advice. Nothing in this publication should be considered an alternative to seeking professional legal or professional advice. You are encouraged to use your judgment in deciding which of the ideas to accept or adopt, and which to reject and ignore.
In this Issue:
| Association News: | |
New Challenge to All Chapter Members |
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Bankruptcy & Insolvency: |
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Recent Decsions on Limitation Periods for Repossession of Goods in Cases of Bankruptcy |
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| Credit & Collections Management: | |
| Black Holes and Heroes by Ron Lutka, CMA, ACIS, P.ADM. At times, the only force holding an organization together and preventing it from falling into the abyss comes from unsung heroes within its ranks. Read this article by Ron Lutka, CMA to find out more about the unsung heroes. There might even be parallels here to your organization... |
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| Credit Laws: | |
Bankruptcy Amendments Coming into Force Please consult the OSB website at http://www.ic.gc.ca/eic/site/bsf-osb.nsf/eng/br02261.html for more information on the coming into force, as well as links to the Companies’ Creditors Arrangement Regulations, updated Bankruptcy and Insolvency General Rules, updated forms and directives, and general information on the Companies’ Creditors Arrangement Act. Note: If you encounter any difficulty in accessing the OSB Website, please send an e-mail to: OSBBSF@ic.gc.ca. |
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| Financial Analysis: | |
| Cash Flow Myths by Al Rosen, Forensic Accountant It's just too easy to mislead the average investor in Canada. Financial reports can be arcane and confusing even for professionals. Adding to the problem are regulators who don't care to clean up pervasive scams, much less make financial statements more usable for investors... |
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| Focus on Members: | |
| Introducing Bill Schmidt In our continuing series on CIC volunteers, I’m pleased to have the opportunity to introduce Bill Schmidt – credit professional, committed volunteer, and family man... |
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| Industry & Economic News: | |
| Not without the Consumer by Peter Hall, Vice-President and Chief Economist, Export Development Canada What makes for a true recovery? Some are counting on government stimulus. Others say it can’t happen without revived international trade. Still others say it’s about prices, or a confidence thing... |
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| Professional Development: | |
| Tips on Leading a Weak Boss Adapted from the Human Resources Professionals Association website Normally, we look up to those in senior management and view them as role models for us to emulate. However, there are times when we encounter bosses that do not live up to our expectations and are, in fact, very poor managers... |
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