ELISABETH LANG be a greater need for all involved in the insolvency regime to reach consensus than in coping with the pace of change, both systemic and technological, that is continually shaping and reshaping how their work gets done. “I think that the systemic changes are going to come,” says Elisabeth. “It’s inevitable. I think that what I would like to do is work collaboratively with stakeholders and LITs and CAIRP to pave the way for smart changes that respond to the needs.” Elisabeth says the Office has heard a lot about the exponential pace of change from its stakeholders. It’s not something to be worried about, she says, stressing that there is plenty of strength on the governmental, administrative and legal sides of the equation to deal with that change. “One of the opportunities I’m excited about is helping to pave the way for changes that will be coming to the industry and engaging with a range of stakeholders and really focusing on evidence-based and principle-based regulation. I think we can position the system to respond and thrive come what may.” As in many areas, information technology and innovation are having a big impact in the insolvency world. “I think that there are incredible opportunities to find more efficient and effective ways to deliver services to Canadians in financial distress while maintaining the integrity of the insolvency system.” AN EYE ON RISING DEBT The system has survived many shocks, imbalances and economic tumult over the past few decades, and it has come through all of them stronger and more responsive, Elisabeth notes. However, that has taken hard work and in the current climate there’s every reason to increase vigilance as a long period in Canada of low interest rates and fears of a housing bubble persists. “I’m certainly concerned about Canadian debt levels, but I was around the OSB in 2009 (after the U.S. credit crisis) and we were very worried about capacity in the system to handle a spike in insolvency files,” Elisabeth says. “We did see that spike and in the end, the system was able to handle it very well. So that’s not to say we can be complacent about it and we’ll certainly be keeping a close eye on it. But I’m encouraged by the fact that LITs managed to handle that so well and I think that they’ll be able to do that again.” One of the cornerstones of Lang’s plan going forward is maintaining a long, productive relationship with CAIRP. As the national professional organization representing more than 980 members working in the insolvency system, as well as over 500 articling, life and corporate associates, CAIRP’s importance cannot be understated, she says. WORKING WITH CAIRP “I’ve always worked really closely with CAIRP and have always appreciated a really open and frank dialogue with them,” she says. “I’ve always enjoyed attending CAIRP events and forums and the OSB tries to support those. I like the opportunity to talk directly with members and get their feedback and I like to understand the issues that people are most concerned about by talking to them directly.” Past CAIRP Chair Paul Casey praised Elisabeth’s, “open, professional and thoughtful point of view” in discussions on larger policy issues, or the resolution of administrative speed bumps, as well as her preparedness, openness, thoughtfulness, and a commitment to continuous improvement. “I was personally delighted to learn of her appointment, and grateful that she accepted this evolving and challenging role,” says Paul Casey. “While she was well served by her legal training in the implementation of the details of the OSB’s agenda, she always brought a holistic perspective and analysis of issues, seeing the varied perspectives of the diverse stakeholders of the Canadian insolvency and bankruptcy regime.” Elisabeth was instrumental in the creation of the Small Practise Liaison Committee which brought together trustee, creditor, debtor and OSB representatives. “It provided a really meaningful opportunity for consultation and early discussions on key issues.” She was also active on the CAIRP-CRA-OSB Liaison Committee. “That committee allowed us to find practical solutions to many issues and, importantly, it helped us to avoid costly litigation by reaching a consensus with CRA on the interpretation and application of the BIA in a lot of tricky cases.” Elisabeth says she has been clear in her biweekly meetings with Gingras that she is committed to a positive, open relationship in which both sides don’t have to agree, yet are comfortable to respectfully agree to disagree. “We’re better off hearing what they have to say, and I hope the reverse is true as well,” she says. “And I do want to say that I’ve developed a very deep respect for the CAIRP Executive that I’ve worked with over the years. I’ve seen the incredible time and effort they invest, and I found they brought a really informed and broad policy perspective that benefited the insolvency system in general.” BALANCE IN ALL THINGS Elisabeth has cultivated balance in her family life as well – as the mother of three active daughters, she has found that making time for her friends and private passions is just as important as her work in public service. “For me, part of maintaining balance has always been about trying to do what you enjoy and for me time with friends is crucially important for that,” she says. “As my daughters are growing up and moving away (one is finished law school, one in second year at McGill University and one in Grade 11), I find my days of running around to ringette games, practices, executive meetings and also dance competitions have come to an end.” It’s amazing when those days of running flat out to rinks and volunteer things end and then you sort of start to slowly fill them in with the things that you want to do for yourself. I’m in two book clubs and one of my hobbies is to read restaurant reviews and to try new spots both in Ottawa and when travelling.” While supervising Canada’s insolvency regime is a demanding task, Elisabeth has set herself some rather pleasant objectives on the personal front. “I hope to play more golf and tennis than I have in the past, in years to come, and then cross-country ski in the winter - when we have to deal with snow.” RS Volume 19 Issue 1 Rebuilding Success 17