Land Acknowledgement: President Danny Cassidy
Anthem: Alan Meredith
Toast: Danny Cassidy
Attendance: 15, including 4 guests – Michael Conway, 4 times Past President of
Agincourt Rotary Club; Graham Milne, Elgin Rotary, Scotland; Carol Dunsworth;
Dr. Yaparna Vijayakumar-Rodrigo, a Rotary Club in California.
Past President Gordon Brown introduced the speaker, our recent member, Saira
Haq, who enlightened us on “Insolvency Statistics in Canada”
Saira is a Licensed
Chartered Insolvency and Restructuring Professional with almost 2 decades of
experience providing creative and practical debt solutions.
Insolvency includes bankruptcies and proposals under the Bankruptcy and
Insolvency Act (BIA).
*The total volume of BIA insolvencies in 2024 slightly surpassed that of 2019.
* Consumer insolvencies increased 9.9% from January 2024, a total of 137,295
Filings in 2025 and proposals account for nearly 79% of the filings due to increased
debt, rising costs/expenses, and depleted emergency funds.
* The highest delinquency rate of 27.81% falls in the age group 26-35.
* Vancouver has the highest delinquency rate of non-mortgage at 36.29%
followed by Toronto at 31.39%.
Corporate insolvencies rose by 11.7% year to year from Jan 2024, with nearly 2200
in the first 5 months in 2025, the sectors most affected are construction,
transportation, administration & amp; waste management. There was a decline in the
mining, arts, and other sectors. The three provinces with the largest increases in
volume of business insolvencies are Quebec (653 filings); Ontario (593 filings), and
BC (51 filings).
Chartered Insolvency and Restructuring Professional with almost 2 decades of
experience providing creative and practical debt solutions.
Insolvency includes bankruptcies and proposals under the Bankruptcy and
Insolvency Act (BIA).
*The total volume of BIA insolvencies in 2024 slightly surpassed that of 2019.
* Consumer insolvencies increased 9.9% from January 2024, a total of 137,295
Filings in 2025 and proposals account for nearly 79% of the filings due to increased
debt, rising costs/expenses, and depleted emergency funds.
* The highest delinquency rate of 27.81% falls in the age group 26-35.
* Vancouver has the highest delinquency rate of non-mortgage at 36.29%
followed by Toronto at 31.39%.
Corporate insolvencies rose by 11.7% year to year from Jan 2024, with nearly 2200
in the first 5 months in 2025, the sectors most affected are construction,
transportation, administration & amp; waste management. There was a decline in the
mining, arts, and other sectors. The three provinces with the largest increases in
volume of business insolvencies are Quebec (653 filings); Ontario (593 filings), and
BC (51 filings).
Please click on this link to view Saira's presentation:
https://www.dropbox.com/scl/fi/qoze3rezp0oh1p16s0yu6/insolvency-stats-Rotary.pdf?rlkey=1lv2dcrq4u9ww5n6gm96ieh9f&st=erd0e5vy&dl=0
Arthur Retnakaran thanked Saira for her interesting presentation.
Announcements
Rocco Colangelo – Club Service meeting on Monday, August 11 th at 6:00 pm at
Gordon and Susan’s home.
Barry Smith – International Service meeting on Tuesday, August 12th at 6:00 pm
at Remezzo Restaurant.
Gordon Brown – Gala 2025 tickets are available. There are 140 tickets. So far
32 sold and President Danny bought six, a total of 38, so 102 left to sell. To be
successful in this fundraising effort, we need members' full participation to sell
and attend this function. In addition, every member needs to seek out
sponsorship.
President Danny – Foundation Walk on September 28th.
SERGEANT AT ARMS – Gerd Wengler.
No fines, just Happy Bucks.
Gordon Brown – Happy that the football season starts, but sorry that summer
will soon be over.
Gerd Wengler – Three news items to share. (1) Great news that he will be retiring on
June 30, 2026. (2) He flew two vultures over the weekend; (2) He flew over one
million km and 5500 hours in his private plane.
Barry Smith – Just happy to be back home from Massachusetts.
Danny Cassidy – Happy to meet visiting Rotarian Graham Milne and Carol
Dunsworth.
Frank Allison and Rocco Colangelo are just happy.
President Danny then terminated the meeting.
