As widely reported, on February 1, 2021 Laurentian University
obtained creditor protection under the
Companies' Creditors
Arrangement Act (CCAA). This is an unprecedented occurrence
amongst publicly funded Canadian universities and colleges, though
in B.C., we have had recent experience with the insolvency of Quest
University, a
privately funded non-profit university.
The materials related to Laurentian's CCAA filing, including
the Court's orders, can be found here: Restructuring
Document Centre 2.0 (ey.com). The document entitled
Endorsement makes particularly interesting reading, as it
discusses Laurentian's structure and its "Liquidity Crisis
and Insolvency" in plain terms.
Restructuring under the CCAA gives financially troubled
companies (including incorporated, publically funded universities