Laurentian University emerges from creditor protection after insolvency early in 2021 | 24CA News

Laurentian University in Sudbury, Ont., has exited the Companies’ Creditors Arrangement Act (CCAA) restructuring course of that adopted its insolvency in February 2021.

The college has continued to function whereas coping with its monetary issues. Under the restructuring, it lower 76 applications in April 2021. As nicely, practically 200 employees and school members misplaced their jobs.

The CCAA was created for industrial enterprises to assist them restructure after an insolvency.

The future is vivid for Laurentian.– Tammy Eger, interim president

In her current particular report on Laurentian University, Ontario Auditor General Bonnie Lysyk mentioned there was a “strong argument that CCAA is an inappropriate, and perhaps damaging remedy for public entities.”

Jeff Bangs, who took over as Laurentian’s board chair after the college’s earlier board members stepped down, mentioned exiting the CCAA course of is a constructive step.

“While there is much healing and hard work yet to be done, today we emerge stronger with safeguards in place to ensure a sustainable, more transparent and inclusive future,” he mentioned.

“Reforming our governance, improving operations and heeding the recommendations of the auditor general will keep us on track but, most importantly, we must be committed to respecting all of the university’s stakeholders as key decisions about the future are made.”

Tammy Eger, Laurentian’s interim president and vice-chancellor, mentioned in a news launch that college students and fogeys can really feel assured in the event that they select the college to advance their training.

“The future is bright for Laurentian,” mentioned Eger, who turned interim president after Robert Haché stepped down on Oct. 31

“We have work ahead to transform our institution, but the path forward is clear. We are inspired to realize the vast potential within our community,” she mentioned. 

Laurentian mentioned in a news launch it should now begin work on its subsequent strategic plan and implement suggestions, together with these from the auditor basic, to enhance its operations and governance.