To Your Credit - CIC e-Newsletter

Welcome to the CIC e-Newsletter - December 2009

Happy Holidays from the National Office!

A year ago, the popular topics of discussions on our Members Forum were mainly around the recession and the precautionary measures that credit professionals were taking to reduce credit losses. Now that there is a hint of a start of economic recovery, members are talking about ‘methods being used to increase [credit] lines’. As 2009 draws to an end, the thought that I would like to leave you with is another discussion, from the same online forum, about ‘basing decisions to increase line to accommodate’ purchases from customers using sound credit principles. While we may not be completely out of the woods yet, your continued professional success will greatly depend on how well prepared you are to contribute to the profitability of the companies that employ you. Here are some options that you can consider to get ready: investing in continuing credit education, networking with other credit professionals and exchanging best practices via the Members Forum .

All the best,
Nawshad Khadaroo, CCP

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:
	Members on the Move

Bankruptcy & Insolvency:

Classification Of Creditors Under The CCAA
by David Mann, David Legeyt
In a corporate reorganization under the Companies’ Creditors Arrangement Act (the “CCAA”), the design of appropriate classes of creditors can be central to the success of the restructuring initiative...

Latest Bankruptcy Statistics - Third Quarter of 2009

Credit Laws:

Supreme Court Rules Crown Doesn’t Have Rights To GST And QST
Canadian Association of Insolvency and Restructuring Professionals
In a unanimous decision on October 30, 2009 relating to the Goods and Services Tax (“GST”) and the Quebec Sales Tax (“QST”), the Supreme Court of Canada rejected the most recent attempt of the Crown to secure its position by recovering the tax portion of accounts receivable outstanding at the time of bankruptcy where the bankrupt had not made the required remittances...

Financial Analysis:
	All About Choice by Al Rosen, Forensic Accountant Watch Out for This New Bag of Accounting Tricks. Experience has told us that when the economy turns bad, it’s time to expect more accounting shenanigans from public companies. This can happen in three ways...

Focus on Members:
	Spotlight on Mike MacPhee CGA, ACI - Treasurer of the Credit Institute of Canada Mike was appointed Treasurer of the Credit Institute of Canada in October 2009. This appointment caps off a distinguished career of combining work and volunteer activities...

Industry & Economic News:
	Business Barometer® National small business confidence steady in November Business Barometer November’s small business confidence level has threaded the narrow gap between September and October levels, suggesting that although the recovery is proceeding, its pace is gradual...

Professional Development:

The Last Word
by Cecile Peterkin
Moving from Manager to Successful Coach
Most managers were placed in their roles because they were excellent performers. But with more than 45 per cent of managers failing in their first 18 months, most are struggling with how to get their teams functioning. When it comes to people skills, many simply don’t know where to start. Whether you have been a manager for one year or 10, your day-to-day should be less about your own productivity and more about coaching your team to work better together and deliver results...