Laurentian faces numerous court cases related to insolvency
A court docket for hearings this week in Toronto reveals the long list of creditors of Laurentian University will have to satisfy to emerge from insolvency. (File)
A court docket for hearings this week in Toronto reveals the long list of creditors of Laurentian University will have to satisfy to emerge from insolvency.
The list reads like a who's who of local and national groups, some with high-profile connections with the school.
Under the Companies' Creditors Arrangement Act, a plan of arrangement must be approved by the creditors, setting out the amounts each group would receive when LU emerges from the process.
The plan of arrangement will have many names. Almost two dozen groups were on the court docket for Wednesday.
In total, more than 200 proofs of claim were filed by creditors as part of the process, combined worth more than $300 million, according to filings in the Ontario Superior Court of Justice.
On Wednesday's docket, the following groups were listed as having active cases against Laurentian:
- Canada Foundation for Innovation
- Canadian Research Knowledge Network
- David Harquail and the Harquail Family
- Huntington University
- Catherine Kucheran
- Nina Kucheran
- University of Sudbury
- Laurentian University Students' General Association
- Laurentian University Faculty Association
- Lloyd's Underwriters (Markel)
- Rob McEwen
- Northern Ontario School of Medicine
- Ontario Confederation of University Faculty Associations
- Ontario Public Service Employees Union, Local 667
- Royal Trust Corporation of Canada
- St. Joseph's Continuing Care Centre of Sudbury
- The Art Gallery of Sudbury
- The Bharti Charitable Foundation
- The Goodman Family Foundation
- The Information and Privacy Commissioner of Ontario
- The Toronto-Dominion Bank
- Thorneloe University
- United Steelworkers
Unless it is granted another extension, the current deadline for Laurentian to complete the CCAA process is the end of May.
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