As we move into the final months of 2026, Canadian businesses and consumers continue to navigate an environment marked by economic uncertainty, affordability pressures, evolving markets, and rapid technological change. While the Canadian economy has demonstrated resilience, many organizations and households remain focused on managing risk, adapting to new realities, and navigating this period of global uncertainty.

In this environment, the work of insolvency and restructuring professionals has never been more important.

Whether helping an entrepreneur preserve a business, supporting a company through a complex restructuring, or enabling an individual to achieve a fresh financial start, CAIRP members provide trusted advice, practical solutions, and a path toward recovery. That role is important to sustain a healthy financial system and resilient economy.

Since my last update in February, CAIRP has continued to advance the strategic priorities that strengthen both our profession and Canada's insolvency system.

Advocacy has remained a major focus. Over the past six months, we have worked closely with government, regulators, and industry stakeholders to ensure that the expertise of insolvency and restructuring professionals is reflected in policy discussions. From modernization of Canada's insolvency framework to professional oversight and regulatory reform, our goal has been straightforward: to support an insolvency system that is effective, accessible, and responsive to the needs of businesses, consumers, creditors, and the broader economy.

One area receiving particular attention is the future of insolvency options for micro, small and medium-sized enterprises. CAIRP has been actively engaged in discussions with Innovation, Science and Economic Development Canada (ISED) regarding a recent consultation on potential reforms aimed at making restructuring and insolvency processes more accessible for smaller businesses. Entrepreneurs and small business owners are a vital part of Canada's economy, and ensuring they have access to efficient tools for financial recovery and restructuring will remain an important policy priority.

At the same time, we continue to see significant financial pressures affecting many Canadians. Consumer insolvency activity remains elevated as households face the combined challenges of higher living costs, debt burdens, and economic uncertainty. In these circumstances, Licensed Insolvency Trustees play a critical public interest role, helping individuals and families address overwhelming debt, understand their options, and rebuild their financial futures. While insolvency is often viewed narrowly as a legal process, it is equally a process of financial rehabilitation and renewed opportunity.

CAIRP has also continued its work to strengthen the future of the profession itself. The demands placed on insolvency and restructuring professionals today are increasingly complex. Technical expertise remains essential, but practitioners must also be effective communicators, strategic advisors, negotiators, and problem-solvers. For that reason, we continue to enhance our education and qualification programs, strengthen candidate support, and invest in professional development to ensure future professionals are equipped to serve Canadians and Canadian businesses in a rapidly changing environment.

We have also expanded our efforts to increase awareness of the value our members bring to communities and the economy. Too often, insolvency and restructuring professionals are associated only with financial distress. In reality, our members help preserve businesses, protect jobs, facilitate investment, support entrepreneurship, and help individuals regain financial stability. Their work contributes directly to economic recovery, confidence, and resilience.

Looking ahead, the priorities identified by our members remain clear.

We will continue advocating for a modern insolvency framework that supports economic growth, innovation, and fair outcomes for stakeholders. We will contribute constructively to discussions regarding MSME insolvency reform, professional oversight, and measures that strengthen confidence in Canada's insolvency system. We will continue investing in education and professional excellence while elevating awareness of the CIRP and LIT designations and the important role our members play in supporting both business recovery and consumer financial rehabilitation.

The challenges facing Canada are real, but so are the opportunities. Periods of uncertainty often create the conditions for innovation, adaptation, and renewal. That is, in many ways, what restructuring is all about.

Whether helping a family regain financial stability, supporting an entrepreneur through a difficult transition, or assisting an organization in repositioning itself for future success, CAIRP members help people and businesses move beyond immediate challenges to create stronger outcomes.

On behalf of the Board of Directors, thank you to our members, volunteers, partners, and stakeholders for your continued engagement and support. Together, we are helping Canadians navigate change, strengthen resilience, and rebuild success.

Craig Munro, CPA, CA, FCIRP, LIT
Chair, Board of Directors
Canadian Association of Insolvency and Restructuring Professionals (CAIRP)