Calls for legislation preventing another Laurentian debacle
Laurentian University is officially out of creditor protection as of Monday, two days ahead of the deadline it was facing. Now, calls are resuming for a change to legislation so this precedent can never happen again.
The Canadian Association of University Teachers said there needs to be more accountability for what has happened and has called on the federal liberal government to remove publicly-funded post-secondary education institutions from the Companies' Creditors Arrangement Act (CCAA).
"We need commitment from the government to say we will sponsor legislation to deal with these issues so that no other university or college in the country will have to go through this process again," CAUT executive director David Robinson said.
"I want to be able to table that legislation in the House of Commons and in effect what it would do is would not allow any post-secondary institution to be able to access and use the CCAA," Sudbury MP Viviane Lapointe said.
The school's faculty association also said there is still work that needs to be done.
"Now that we are no longer constrained by the limitations of the CCAA, we will use the tools at our disposal to ensure that the new administration implements the improvements we’ve called for," said Fabrice Colin, the president of the Laurentian University Faculty Association.
In the auditor general of Ontario’s special report on Laurentian university, it details years of financial mismanagement and what was called an unnecessary decision to file for insolvency protection.
"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," said Jeff Bangs, the LU board chair.
"We are committed to rebuilding pride in LU and regaining the confidence of our many stakeholders and the Greater Sudbury community. We’ll do this through our actions in the months and years ahead as we form our strategic plan and continue organizational transformation," Laurentian University's interim president, Tammy Eger, said.
It was the first time a public institution in Canada declared a form of bankruptcy, a move normally only used by private companies. More than 60 programs were cut at the school and 150 jobs were lost in the process.
CTVNews.ca Top Stories
DEVELOPING Live updates as Stormy Daniels testifies at Trump hush money trial
Adult film star Stormy Daniels will take the stand a second time Thursday as former U.S. president Donald Trump’s hush money case continues in Manhattan. Follow live updates here.
BREAKING Sheldon Keefe out as head coach of Toronto Maple Leafs
The Toronto Maple Leafs have fired head coach Sheldon Keefe. The team made the announcement Thursday after the Original Six franchise lost to the Boston Bruins in seven games in the first round of the Stanley Cup playoffs.
Bank of Canada says financial system is stable, but risks remain
The Bank of Canada says the Canadian financial system is stable, but risks remain due to debt servicing costs among households and businesses and stretched valuations of financial assets.
Why these immigrants to Canada say they're thinking about leaving, or have already moved on
For some immigrants, their dreams of permanently settling in Canada have taken an unexpected twist.
Here are the ultraprocessed foods you most need to avoid, according to a 30-year study
Studies have shown that ultraprocessed foods can have a detrimental impact on health. But 30 years of research show they don’t all have the same impact.
Ontario man frustrated after $3,500 paving job leaves driveway in shambles
An Ontario man considering having his driveway paved received a quote from a company for $7,000, but then, another paver in the neighbourhood knocked on his door and offered half that rate.
RateMDs violates privacy of health professionals, class-action lawsuit claims
A lawsuit against RateMDs has been given the go-ahead by a B.C. Supreme Court judge who found the claim that the website violates the privacy rights of medical professionals is not 'bound to fail.'
Capital gains tax change 'shortsighted' and 'sows division' business groups tell Freeland
Forging ahead with increasing Canada's capital gains inclusion rate 'sows division,' and is a 'shortsighted' way to improve the deficit, business groups are warning Finance Minister Chrystia Freeland.
Court to hear about search for remains as Winnipeg murder trial enters second day
A courtroom in Winnipeg is expected to hear testimony today about the search for the remains of the four victims of Jeremy Skibicki.