Welcome to the CIC e-Newsletter – Summer 2008
Editor’s Message
The opportunity to network and share best practices with others working in the same field ranks amongst the top of the reasons why individuals join professional associations like the Credit Institute of Canada. In this edition of To Your Credit, we would like to introduce you to the ‘Credit Resource Guide’ section of the e-newsletter which will serve as a library of credit tools that our members use and which they are willing to share with each other. Please contact the editor at mgredu@creditedu.org if you would like to contribute to build this section of our website.
The first contribution under the Credit Resource Guide tab from one of our members is in the form of a sample credit application used in the sporting and athletic goods manufacturing industry. While all credit applications have some common features to them, you need to be aware that there are often clauses that are added to make them specific to certain industries.
Starting with this edition of To Your Credit, you will also notice the following additional features:
- A quiz on the Bankruptcy and Insolvency Act
- Archive articles at the bottom page of each section that you will be able to access at all time
Enjoy the reading and have a safe summer!
Nawshad Khadaroo, CCP
Tell Us What You Think
Send your opinion on the articles appearing in this edition or any other current news affecting credit professionals to mgredu@creditedu.org. If you would like to see more coverage on a particular topic, have a question related to the articles or would like to submit one, don’t hesitate to contact me.
Nawshad Khadaroo, FCI
In this Issue:
Focus on Members:
Dr. Roger Russell, B.Sc., M.B.A., C.C.P., Ph.D.
President’s Message – 2008 Annual General Meeting
Members on the move
Bankruptcy & Insolvency:
How to maximize returns when a client declares bankruptcy
This is the fourth in a series of articles by the Office of the
Superintendent of Bankruptcy (OSB) on how the insolvency system
works and how dealing with it can be made easier for you, the certified
credit professional.
Test your bankruptcy and insolvency knowledge by taking our quiz
Hint: You may want to review our article “Take an active role to protect
your interests when a client goes bankrupt” in the archive section under
the Bankruptcy & Insolvency tab for clues.
Credit & Collections Management:
Predictive Indicators - Learn how to read the signs and improve
your bottom line
Managing your company’s exposure to risk has become a challenging task.
There is more pressure to speed up the credit review process and more
responsibility resting on your shoulders to be accountable for your
decisions and improve company profitability. One wrong judgment could
cost your business a lot of money.
Credit Laws:
Demand Promissory Notes and the (New) Ontario Limitations Act
Important ramifications for the use of demand promissory notes in tax
planning. Legal and tax planners should be aware that standard drafting
language used in promissory notes may bring about unintended
consequences.
Credit Resource Guide:
Sample Credit Application
A member working in the sporting and athletic goods manufacturing
industry (NAICS 339930) has kindly provided us this sample to share
with other fellow members. We encourage you to contact us if you
would like to contribute to build this section of our website.
Industry & Economic News:
Ontario leads country in mining exploration
Mining activity is expected to remain strong across Canada this year,
say industry and government officials.
High energy costs and economic uncertainty fuels decline in
business optimism
According to the latest survey of business optimism by the Canadian
Federation of Independent Business (CFIB), expectations among Canada’s
small- and mid-sized enterprises (SMEs) took a sharp tumble in June.
Latest expectations push the Business Barometer index down for the third
consecutive quarter, to its lowest level since third quarter 2001.
Financial Analysis
Fraudulent Financial Information
This article is intended to introduce the readers to a new approach
suggested by Professor Messod D. Beneish from the Kelley School of
Business, Indiana University in order to flag areas of potential fraudulent
manipulation when analyzing financial statements.
Professional Development
Take control of your career
Whether you’re a high-level executive or just beginning your career, you
are in charge of your professional development, which means it’s up to you
to determine your career objectives and develop a plan for meeting them.
The following strategies will help you better clarify your goals and take
steps toward achieving them.
