With the start of a new year comes many new opportunities and challenges for CAIRP members and the insolvency and restructuring profession. Over the last few years, the insolvency marketplace has been affected by a wave of fundamental changes and stressors including the COVID- 19 Pandemic and the emergence of technologies that are affecting the way in which CIRPs and LITs conduct their work. Add into the mix the current economic environment, the emergence of generative AI along with the impacts of climate change, cybersecurity challenges and current societal issues, 2024 is shaping up to be a very interesting year.

Against this backdrop, the start of my tenure as the new Chair of CAIRP has been both lively and exciting. It is a role I accept with great honour and it is a privilege to represent the CAIRP membership. The transition has been seamless, a testament to the dedication and excellence of our CAIRP team, our committed volunteers, and the steadfast leadership of the Board and the Executive Committee both past and present. We have hit the ground running, and we've already begun making strides.

At the CAIRP Annual General Meeting on September 14, 2023, I briefed members on CAIRP’s 2024 – 2028 Strategic Plan in my capacity as Chair of the Strategic Review/Plan Committee. This Strategic Plan is an important self-examination by the Association, articulating our goals and the direction for our renewal following the COVID-19 Pandemic. It considers member feedback and an assessment of the rapid and fundamental changes that are occurring in the insolvency marketplace. The focal point of our 2024-2028 Strategic Plan are three principles that will guide our progress, revitalizing our education programs to deliver best-in-class professional education, services, and the core brands (CIRP, LIT) to meet the needs of our members; being responsive to marketplace changes and in all our member and stakeholder interactions and ensuring resilience in CAIRP’s operations and programs.

CAIRP is well underway with efforts to meet the goals set out in the ambitious plan. On the priority of revitalizing our education programs and delivering best-in-class professional education, I am pleased to advise that all students have now been moved over to the renewed CQP program. The CAIRP Board of Directors received a demonstration of the revised online program and were impressed with the quality of the program and the tools put in place to assist the candidates. As part of CAIRP’s efforts to raise the knowledge level about the industry the revised foundational Introduction to Insolvency Course is now available to anyone who has an interest in learning more about the insolvency marketplace.

CAIRP had a busy fall addressing several developments in the insolvency marketplace. Top priority was given to the issue of LIT renumeration. CAIRP’s advocacy efforts to ensure the OSB understood the urgency of addressing the issue were successful and the OSB has signaled that they are prepared to work to address the matter. CAIRP’s Tariff Review Task Force and Consumer Practice Committee have concluded their work and a submission to the OSB is being finalized. CAIRP will continue to work with the OSB to ensure a successful conclusion to the LIT renumeration matter. Our thanks to all the members engaged on this important issue as well as those who provided input. Other efforts related to the insolvency marketplace included working closely with the OSB on the revisions of Forms 31,65,78 and 79 and the Surplus Income Directive. CAIRP also worked to get clarification from CRA on the application of the Underused Housing Tax.

On CAIRP’s radar is a concerning trend of a number of insolvency legislative amendments occurring through piecemeal private members bills. Another Private Members’ Bill, Bill C-280, entitled An Act to amend the Bankruptcy & Insolvency Act & the Companies’ Creditors Arrangement (deemed trust perishable fruits & vegetables) (the “Fresh Produce Protection Act” or “FPPA”) is moving quickly and is currently in the Senate. CAIRP has sent a submission addressed to the Chair, Standing Committee on Banking, Commerce, and the Economy in the Senate along with a request to appear.

The Supreme Court of Canada heard the Poonian et al. v British Columbia Securities Commission case on December 6, 2023. CAIRP was granted intervenor status, and we await the court’s decision. Our thanks to Gowling WLC (Canada) and specifically Haddon Murray and Heather Fisher for representing CAIRP on this matter.

This past fall, CAIRP was pleased to hear of the reappointment of Elisabeth Lang as Superintendent of Bankruptcy for another 5-year term. CAIRP has a good working relationship with the Superintendent and her team. As an example, the OSB and CAIRP recently issued a joint media release on debt-relief scams during Financial Literacy Month which obtained good pickup across the country. As we look to the future, CAIRP looks forward to continuing our collaborative efforts with the OSB as a trusted partner.

I appreciated the many conversations I had at ARIL, which is powered by CAIRP, earlier this month. As CAIRP continues to address the opportunities and challenges ahead, I look forward to meeting you at CAIRP’s Forums which will be held this spring in Halifax, Montreal, Winnipeg, Edmonton, Vancouver, and the Exchange in Toronto.