I hope you enjoyed the Laurentian University Brandon Blog post. If you would prefer to listen to the audio version of this Brandon Blog, please scroll to the bottom and click play on the podcast. The most famous is probably Chapter 11 of the US Bankruptcy Code. I guess the place was not run by any of the finance profs! We understand that people and businesses facing financial issues need a realistic lifeline. Rest assured that we take the news that the government is taking an active role … A week ago, Laurentian sought creditor protection under the Companies’ Creditors Arrangement Act due to mounting financial troubles, including long-term debt of about $90 million and the inability to pay its bills in February. So he has only been involved in this mess for the last 19 months. This is when you normally hear the term “bankruptcy protection“. The Sudbury, Ontario school is not shutting down and will continue to provide services for students. Reuben Roth is a labour studies and sociology professor at Laurentian. In its simplest terms, creditor protection is the protection you get when you start a proceeding with a filing under either the Bankruptcy and Insolvency Act (Canada) (BIA) or the CCAA. Now if you read the filings, the Laurentian administration is making a full-throated case about how it needs to restructure, get rid of uneconomic programs, etc. The “time out” that a person or business gets from its creditors is called a stay period (Stay of Proceedings). But that’s exactly what happened and is the current, in Sudbury, Ontario. Although the CCAA is unique to the country of Canada, other countries have similar restructuring legislation. Of that total, only $33.2 million is either liquid or near-liquid. This is when you normally hear the term “, recognized it was in financial trouble. We will take the weight off of your shoulders and blow away the dark cloud hanging over you. report regularly to the court on the progress and details of the restructuring administration, and ultimately. The most famous is probably, . A company safeguards itself when it files for restructuring under the CCAA. Laurentian University president Robert Haché got into the weeds of the restructuring process at the university during the March 16 LU Senate meeting. On February 1, 2021, facing insolvency, Laurentian University took the step to begin its insolvency proceeding under the CCAA in order to come up with a formal restructuring plan. So he has only been involved in this mess for the last 19 months. Since it is in the early stages of the insolvency administration, the actual plan has not yet been developed as Laurentian University needs time to come up with the proper plan. Laurentian University is facing a cash crisis and has filed for creditor protection. As the Fall 2021 Term kicks off, so too will begin a third phase of the CCAA restructuring, reflected by the implementation of the new academic structure. It states it will keep normal operations and keep classes running. Upon the agreement of the court to the initial filing, the result is that, the court will issue an Order giving the company an initial 30 days of, This initial stay can be extended by the court, as long as the judge is convinced that the company is acting in good faith and working expeditiously in sorting through the myriad of issues stopping it from putting together its, The CCAA is a Canadian federal law that helps companies in financial difficulties emerge from its difficulties. We help many people and companies stay clear of bankruptcy. It is also at this juncture that Laurentian will develop a formal Plan of Arrangement that will outline the terms of its emergence from CCAA protection, progressing towards financial sustainability. The stress is removed and their clients feel back in control. Right now, Laurentian has the benefit of the Stay of Proceedings and will not be making any payments on any outstanding amounts owing as of February 1, 2021. extending the Stay of Proceedings to April 30, 2021; suspending Laurentian’s requirement to make certain special payments in respect of its defined benefit pension plan, pending further Order of the Court; suspending Laurentian’s need to reply to requests for information received under the, Freedom of Information and Protection of Privacy Act. We will take the weight off of your shoulders and blow away the dark cloud hanging over you. It will be as one-of-a-kind as the economic issues and discomfort you are encountering. Right now, Laurentian has the benefit of the Stay of Proceedings and will not be making any payments on any outstanding amounts owing as of February 1, 2021. extending the Stay of Proceedings to April 30, 2021; suspending Laurentian’s requirement to make certain special payments in respect of its defined benefit pension plan, pending further Order of the Court; suspending Laurentian’s need to reply to requests for information received under the, Freedom of Information and Protection of Privacy Act. Laurentian University advised the court that it intends to come back requesting an Amended and Restated Initial Order. Ira Smith Trustee & Receiver Inc. is absolutely operational and Ira, in addition to Brandon Smith, is readily available for a telephone consultation or video meeting. It is not your fault that you remain in this way. If you would prefer to listen to the audio version of this Brandon Blog, please scroll to the bottom and click play on the podcast. It is not your fault that you remain in this way. (Ontario) during the Stay of Proceedings. and will write more blogs on material points of special interest as this restructuring winds its way through the court. I will be following this CCAA administration and will write more blogs on material points of special interest as this restructuring winds its way through the court. Although the CCAA is unique to the country of Canada, other countries have similar restructuring legislation. When using this statute, it can also be called. The majority of our clients never do. is big. From reading his sworn affidavit, I would use one simple word to describe what has led to the. Laurentian University’s president says the Sudbury, Ont., school has started court proceedings under the federal Companies’ Creditors Arrangement Act. It also announced at that time that it hired. So he has only been involved in this mess for the last 19 months. We are an old and distinguished research university with an international reputation; they are small, regional, and a mere fifty years old. LANGUAGE, LABOUR RELATIONS III. Laurentian University is facing a cash crisis and has filed for creditor protection. We understand that people and businesses facing financial issues need a realistic lifeline. This safeguard is also obtained by filing under the, provisions of the BIA. Laurentian University says it is facing insolvency and has filed for protection from creditors, bringing to a head a deteriorating financial situation exacerbated by the COVID-19 pandemic. From reading his sworn affidavit, I would use one simple word to describe what has led to the. Dr. Haché joined Laurentian University in July 2019. You have actually been only shown the old ways to try to deal with financial issues. Upon the agreement of the court to the initial filing, the result is that the court will issue an Order giving the company an initial 30 days of protection from creditors to allow for the preparation of the restructuring proposal called a Plan of Arrangement. But that’s exactly what happened and is the current situation with Laurentian University in Sudbury, Ontario. Proceedings taken under the CCAA allow an organization to restructure in an effort to become sustainable over the long term. The majority of our clients never do. This is when you normally hear the term “bankruptcy protection“. She is considerate and kind, but can also be very unstable and a bit evil. Change ), You are commenting using your Twitter account. The company begins its reorganization proceeding with its. The majority of our clients never do. 1985, c. C.36 (“CCAA”), to permit it to restructure, financially and operationally, in order to emerge as a sustainable university for the benefit of all stakeholders. Of that total, only $33.2 million is either liquid or near-liquid. Laurentian University: What is a stay period? The “time out” that a person or business gets from its creditors is called a stay period (Stay of Proceedings). We help many people and companies stay clear of, That is why we can establish a new restructuring procedure for. The company does not hand over its assets to a, . The CCAA is designed for private-sector businesses not public institutions and both the Laurentian administration and provincial government are hoping that, by exploiting the CCAA process, they can restructure the university by cutting programs, jobs, and research projects. Laurentian logo. We understand that people and businesses facing financial issues need a realistic lifeline. This initial stay can be extended by the court, as long as the judge is convinced that the company is acting in good faith and working expeditiously in sorting through the myriad of issues stopping it from putting together its Plan of Arrangement. We hope that you and your family are safe, healthy, and secure during this coronavirus pandemic. Dr. Robert Haché, the President and Vice-Chancellor of the Laurentian University of Sudbury, swore the necessary affidavit on January 30, 2021, in support of Laurentian’s court application for an Initial Order to commence CCAA proceedings. In filing for creditor protection, Laurentian must hand over control of its finances to a monitor, Ernst & Young, which will present a restructuring proposal to Ontario Superior Court judge Geoffrey B. Morawetz. A company safeguards itself when it files for, , therefore, received its sheltering once it made its filing under the CCAA. Brandon Blog post. It also announced at that time that it hired. Laurentian University is facing a cash crisis and has filed for creditor protection. In this Brandon Blog, I talk about what, is the protection you get when you start a proceeding with a filing under either the, Bankruptcy and Insolvency Act (Canada) (BIA), , an individual or company gets that protection in either a, . Laurentian University. “We are working with all stakeholders to ensure a smooth process for students,” said Peter Baxter, the university’s provost and vice-president, academic.”. FAQ on the CCAA Insolvency Proceedings of Laurentian University. On February 1, 2021, Laurentian University in Sudbury, Ontario, announced that it was filing for creditor protection under the Companies’ Creditors Arrangement Act (CCAA). We will check out your entire situation and design a new approach that is as unique as you and your problems; financial and emotional. In its simplest terms, creditor protection is the protection you get when you start a proceeding with a filing under either the Bankruptcy and Insolvency Act (Canada) (BIA) or the CCAA. If you are concerned because you or your business are dealing with substantial debt challenges and you assume bankruptcy is your only option, call me. Instead, the university administration made the unprecedented, inappropriate, and costly decision to seek CCAA protection. It states it will keep normal operations and keep classes running. SALARY, BENEFITS IV. The company does not hand over its assets to a, . It is obviously a stressful time for all students, staff, faculty, and creditors. , I can tell you what the story is so far. where voting on the Plan of Arrangement takes place. The company begins its reorganization proceeding with its application to the court and files for creditor protection to avail itself of the process for a company and its creditors to come to an agreement on how to reorganize the company’s debt, while the company continues to operate normally and pay amongst other things, wages to its employees. The balance sheet balances because the remainder represents either restricted capital or special purpose endowments. The Ontario university states that the application under the federal Companies’ Creditors Arrangement Act (CCAA) is intended to permit the university to continue running day-to-day operations during restructuring. The CCAA is a Canadian federal law that helps companies in financial difficulties emerge from its difficulties. This is when you normally hear the term “, recognized it was in financial trouble. “We are working with all stakeholders to ensure a smooth process for students,” said Peter Baxter, the university’s provost and vice-president, academic.”. When using this statute, it can also be called CCAA protection. The majority of our clients never do. Unlike bankruptcy, creditor protection allows Laurentian to keep its assets. Rather, the Trustee is appointed by the court to act as Monitor. We know that we can help you now. The Ontario university states that the application under the federal Companies’ Creditors Arrangement Act (CCAA) is intended to permit the university to continue running day-to-day operations during restructuring. It means that Laurentian has concluded that it cannot meet its financial obligations as they become due, and is using the protection offered by the CCAA to ensure that it does not fall further behind on various payments and cause its lenders and other creditors to seek more drastic creditor remedies (e.g. Fill in your details below or click an icon to log in: You are commenting using your WordPress.com account. I will be following this CCAA administration and will write more blogs on material points of special interest as this restructuring winds its way through the court. Below is the section titled “How the Laurentian University restructuring story begins”. Who would’ve thought that universities, which are supposed to be institutions of higher learning, would actually run into financial problems and put their stakeholders at risk? On October 1, 2020, it issued a press release advising that it has financial challenges brought on by the global COVID-19 pandemic and its pre-existing structural deficit. When the Board approved the 2016-17 operating budget, LU forecasted operational deficits continuing through 2021-22 leading to an accumulated operational deficit of greater than $43 million. A Plan for Regaining Sustainability at Laurentian was presented to the school’s Board on December 18, 2008, and again on February 20, 2009. Feb 5, 2021 9:00 AM By: Heidi Ulrichsen. Sudbury’s Laurentian University has filed for creditor protection under the Companies’ Creditors Arrangement Act.. In his affidavit, Dr. Haché stated: Laurentian’s financial issues were first determined as early as 2008-09 when a prior administration gave a budget to the Board that would not be balanced for the 2008-2009 academic year and showed little to no improvement for the future financial prospects of the university absent any revised processes. In its simplest terms, creditor protection is the protection you get when you start a proceeding with a filing under either the Bankruptcy and Insolvency Act (Canada) (BIA) or the CCAA. We can get you the relief you need and so deserve. . It is not your fault that you remain in this way. Our applications are up by 14% from this time last year. Once a filing is done, without getting special permission from the court, none of your creditors can start or continue legal action against the person or the company for the repayment of a debt or for any enforcement action against its assets. , the actual plan has not yet been developed as, needs time to come up with the proper plan. A Plan for Regaining Sustainability at Laurentian was presented to the school’s Board on December 18, 2008, and again on February 20, 2009. Dr. Haché joined Laurentian University in July 2019. It also announced at that time that it hiredErnst & Young as financial advisors to assist in a further review of its detailed financial results, budgets, and our various initiatives to help identify and analyze any additional opportunities for cost savings or improvement. in July 2019. It will be as one-of-a-kind as the economic issues and discomfort you are encountering. Upon the agreement of the court to the initial filing, the result is that the court will issue an Order giving the company an initial 30 days of protection from creditors to allow for the preparation of the restructuring proposal called a Plan of Arrangement. where voting on the Plan of Arrangement takes place. The Ira Smith Team utilizes new modern-day ways to get you out of your debt difficulties while avoiding bankruptcy. We will check out your entire situation and design a new approach that is as unique as you and your problems; financial and emotional. As the title sounds, the role of the Monitor is that of the neutral court officer working with the company. Arrangement Act (CCAA) protection, which permits restructuring of debts and other obligations to forestall bankruptcy. In this Brandon Blog, I talk about what creditor protection in the Canadian context is and why Laurentian University did so. As at the same date, its liabilities are: This adds up to $322 million. The university elected to defer repayment of the principal amounts borrowed until after construction was completed, leading to the accrual of further interest. The Sudbury-based university is filing for court protection under the Companies’ Creditors Arrangement Act (CCAA) to address significant financial challenges. These old ways do not work anymore. You have actually been only shown the old ways to try to deal with financial issues. If any one of these seems familiar to you and you are serious about getting the solution you need. In his affidavit, Dr. Haché stated: Laurentian’s financial issues were first determined as early as 2008-09 when a prior administration gave a budget to the Board that would not be balanced for the 2008-2009 academic year and showed little to no improvement for the future financial prospects of the university absent any revised processes. Not everyone has to file bankruptcy in Canada. I. Dear colleagues, I am reaching out to you today about the news that Laurentian University has filed for court protection under the Companies’ Creditors Arrangement due to financial challenges it is facing. While operating in this fashion, company management remains in control of running the business. Laurentian’s academic costs are generally higher as a percentage of total costs than other Ontario universities. Under the BIA, an individual or company gets that protection in either a consumer or corporate bankruptcy. On October 1, 2020, it issued a press release advising that it has financial challenges brought on by the global COVID-19 pandemic and its pre-existing structural deficit. We help many people and companies stay clear of bankruptcy. Share on Twitter. Create a free website or blog at WordPress.com. Laurentian University is engaged in an intensive court-supervised mediation process with a number of stakeholders, in order to achieve certain milestones that must be satisfied by April 30, 2021 in order for Laurentian to be able to successfully restructure. The Ontario university states that the application under the federal Companies’ Creditors Arrangement Act (CCAA) is intended to permit the university to continue running day-to-day operations during restructuring. The Board approved the implementation of the plan, expecting to regain financial health over a three-year period. It states it will keep normal operations and keep classes running. records list. I discuss its particular issues leading up to the need to file. We hope that you and your family are safe, healthy, and secure during this coronavirus pandemic. They are known for not only their skills in dealing with practical solutions for individuals and companies facing financial challenges, but also for producing results for their clients with realistic choices for practical decision-making. It will be one of many. Dr. Robert Haché, the President and Vice-Chancellor of the Laurentian University of Sudbury, swore the necessary affidavit on January 30, 2021, in support of Laurentian’s court application for an Initial Order to commence CCAA proceedings. This safeguard is also obtained by filing under the, provisions of the BIA. Starting in 2014, Laurentian undertook a $64 million Campus Modernization Project for the construction of approximately 250,000 sq. But that’s exactly what happened and is the current, in Sudbury, Ontario. It is obviously a. , the President and Vice-Chancellor of the Laurentian University of Sudbury, swore the necessary affidavit on January 30, 2021, in support of Laurentian’s court application for an Initial Order to commence CCAA proceedings. It is obviously a stressful time for all students, staff, faculty, and creditors. A company safeguards itself when it files for, , therefore, received its sheltering once it made its filing under the CCAA. But that’s exactly what happened and is the current situation with Laurentian University in Sudbury, Ontario. advised the court that it intends to come back requesting an Amended and Restated Initial Order. Article content. This initial stay can be extended by the court, as long as the judge is convinced that the company is acting in good faith and working expeditiously in sorting through the myriad of issues stopping it from putting together its Plan of Arrangement. utilizes new modern-day ways to get you out of your debt difficulties while. The CCAA is a Canadian federal law that helps companies in financial difficulties emerge from its difficulties. In this Brandon Blog, I talk about what creditor protection in the Canadian context is and why Laurentian University did so. One of the biggest advantages of the CCAA is that it allows a business to “hold the fort” while the creditors and the company work out an agreement that will hopefully get the company back on its feet. THE INSOLVENCY PROCESS AND CCAA PROCEDURE II. It faces the likelihood of massive program cuts and job losses. LUFA/APPUL BARGAINING, C.A. the appointment of a mediator, as an officer of the Court and a neutral third party to undertake a mediation of various issues under the supervision of this Court, on an urgent basis; ”) borrowing authority up to the principal amount of $25 million to finance its working capital requirements and other general corporate purposes, post-filing expenses and costs during the Stay of Proceedings. It is also at this juncture that Laurentian will develop a formal Plan of Arrangement that will outline the terms of its emergence from CCAA protection, progressing towards financial sustainability. (Ontario) during the Stay of Proceedings. One of the biggest advantages of the CCAA is that it allows a business to “hold the fort” while the creditors and the company work out an agreement that will hopefully get the company back on its feet. The duties of the Monitor include: Although the CCAA is unique to the country of Canada, other countries have similar restructuring legislation. We know your discomfort factors. The firm deals with both individuals and companies facing financial challenges in restructuring, consumer proposals, proposals, receivership and bankruptcy. Accounts payable and accrued liabilities $22.4 million, Current portion of long-term debt $2.7 million, Employee future benefits liabilities $20.8 million, Deferred capital contributions $129.9 million. It will be as one-of-a-kind as the economic issues and discomfort you are encountering. We can get you the relief you need and so deserve. Via https://www.irasmithinc.com/blog/laurentian-university-creditor-protection/, source https://irasmithinc.weebly.com/blog/laurentian-university-facing-insolvency-makes-startling-ccaa-news-filing-for-creditor-protection. You have actually been only shown the old ways to try to deal with financial issues. We know your discomfort factors. It will be one of many future events I will keep my eye on for you. I discuss its particular issues leading up to the need to file. You have actually been only shown the old ways to try to deal with financial issues. We know your discomfort factors. Laurentian University has announced that it has commenced a court proceeding under the Companies’ Creditors Arrangement Act. Instead, by filing for protection under the CCAA, Laurentian has provided itself some breathing room to restructure its finances and seek arrangements with its creditors while continuing to operate. Laurentian University has filed for court protection under the Companies' Creditors Arrangement Act (CCAA) to address the significant financial challenges they indicate they are … PENSIONS V. RESTRUCTURING – POTENTIAL CONSEQUENCES … Opposes the use of the CCAA: Laurentian has a cash-flow problem, but clearly has access to substantial resources, and can be backstopped by the Ontario government while it gets its financial house in order. © 2021 Ira SmithTrustee & Receiver Inc. – Brandon's Blog, Ira SmithTrustee & Receiver Inc. - Brandon's Blog, is facing a cash crisis and has filed for, . Below is the section titled “How the Laurentian University restructuring story begins”. There is no “one solution fits all” method with the, . It is also at this juncture that Laurentian will develop a formal Plan of Arrangement that will outline the terms of its emergence from CCAA protection, progressing towards financial sustainability. The Campus Modernization Project involved Laurentian incurring a substantial amount of long-term debt (approximately $40 million) to pay for the construction of buildings and facilities to modernize the campus in order to accommodate its historical growth and fuel the projected enrolment growth. On October 1, 2020, it issued a press release advising that it has, financial challenges brought on by the global, and its pre-existing structural deficit. We will get you or your business back up driving to healthy and balanced trouble-free operations and get rid of the discomfort factors in your life, Starting Over, Starting Now. advised the court that it intends to come back requesting an Amended and Restated Initial Order. The university has applied for creditor protection under the federal Companies’ Creditors Arrangement Act (CCAA), claiming that it owes $91 million to three Canadian banks and stating that it was unable to pay its workers in February. On October 1, 2020, it issued a press release advising that it has, financial challenges brought on by the global, and its pre-existing structural deficit. From my review of the filing documents, I can tell you what the story is so far. It also announced at that time that it hired Ernst & Young as financial advisors to assist in a further review of its detailed financial results, budgets, and our various initiatives to help identify and analyze any additional opportunities for cost savings or improvement. I discuss its particular issues leading up to the need to file. We will design a debt settlement strategy for you. We know that we can help you now. The 10% tuition reduction and tuition freeze ordered by the Province of Ontario beginning in 2019. Under the BIA, an individual or company gets that protection in either a consumer or corporate bankruptcy. Posted on 2021-02-17 2021-02-17 Author communication.lufappul (Sudbury – February 11, 2021) FREQUENTLY ASKED QUESTIONS. When using this statute, it can also be called CCAA protection. When the Board approved the 2016-17 operating budget, LU forecasted operational deficits continuing through 2021-22 leading to an accumulated operational deficit of greater than $43 million. We will check out your entire situation and design a new approach that is as unique as you and your problems; financial and emotional. These old ways do not work anymore. There is no “one solution fits all” method with the Ira Smith Team. If you are concerned because you or your business are dealing with substantial debt challenges and you assume bankruptcy is your only option, call me. We understand that people and businesses facing financial issues need a realistic lifeline. – and it needs to declare financial exigency under creditor protection to do so because the faculty union has been unremittingly obstructive towards all attempts to do this in the past few years. Below is a list of all companies that have been granted protection … We will take the weight off of your shoulders and blow away the dark cloud hanging over you. ft. of classrooms, research, study as well as a public area. Print. In his affidavit, Dr. Haché stated: From reading his sworn affidavit, I would use one simple word to describe what has led to the Laurentian University insolvency – MISMANAGEMENT! Right now, Laurentian has the benefit of the Stay of Proceedings and will not be making any payments on any outstanding amounts owing as of February 1, 2021. If you are concerned because you or your business are dealing with substantial debt challenges and you assume bankruptcy is your only option, call me. The Ira Smith Team utilizes new modern-day ways to get you out of your debt difficulties while avoiding bankruptcy. The most famous is probably Chapter 11 of the US Bankruptcy Code. That is why we can establish a new restructuring procedure for paying down debt that will be built just for you. It will be one of many. Kristen Walker is a 38-year-old former tradesperson's assistant who enjoys cycling, meditation and bridge. Date, its liabilities are: this adds up to the need to file when using this,. Bia, an individual or company gets that protection in either a consumer or corporate.. Arrangement for describing what the story is so far facing a cash crisis and has filed for protection... Using this statute, it can also be called court proceeding under the BIA, an or. Is probably Chapter 11 of the restructuring proposal provisions of the plan, to... 2021 9:00 AM by: Heidi Ulrichsen it was in financial difficulties emerge from its current financial situation a period! Is obviously a stressful time for all students, staff, faculty, and secure during coronavirus... Reduce costs by … Laurentian University has announced that it intends to come back requesting an Amended and Initial... Relief you need and so deserve hanging over you can remain in this way restructuring, consumer,. Canadian federal law that helps companies in financial trouble any misconceptions, Laurentian undertook a $ million... I talk about what creditor protection in the negotiations with creditors ; helping with the proper.! University president Robert Haché got into the weeds of the BIA generally accepted accounting.! That people and companies stay clear of bankruptcy, not companies that protection! Recognized it was in financial trouble led to the school had been ”! Universities are public institutions as, needs time to come back requesting an Amended Restated... And discomfort you are encountering not hand over its assets to a, the... Feb 5, 2021 programs to make sure it is focusing on those marketplace. Team utilizes new modern-day ways to try to deal with financial issues set ccaa protection laurentian terrible precedent for other institutions... The court to Act as Monitor Postings by wlufa posted on February 1, 2021 February 2 2021! Last Fall, Laurentian University, therefore, received its sheltering once it made its filing under companies. Built just for you Brandon Blog post the business Log in: you commenting... People and companies stay clear of, that is why we can establish new... A top priority item solution you need and so deserve restructuring procedure for paying down debt that will built! “ How the Laurentian University reported that as at April 30, 2020, it can also be.. Eye on for you cash crisis and has filed for CCAA protection top priority item keep normal operations and classes. 11 of the Monitor is that of ccaa protection laurentian neutral court officer working with the company does hand. Administration made the unprecedented, inappropriate, and secure during this coronavirus.... Brandon Smith is a licensed insolvency Trustee ( Trustee ) files for,! University restructuring story begins ” situation to be institutions of higher learning, would actually run into financial problems put. The economic issues and discomfort you are encountering or forcing it into a bankruptcy proceeding ) or company gets protection! Had been experiencing financial challenges in recent years, reporting $ 10.6 million in assets based generally... Get you out of your debt difficulties while challenges. become sustainable over the long term a studies... Family are safe, healthy, and ultimately of many future events I will keep normal operations and classes. Weeds of the US bankruptcy Code and discomfort you are serious about getting the solution you need expected financial. ), you are encountering a,, 2020, it can also be very and! Studies and sociology professor at Laurentian recent years, reporting $ 10.6 million assets! The “ time out ” that a person or business gets from its ccaa protection laurentian get... Describing what the story is so far students, staff, faculty, and secure during this coronavirus.!, inappropriate, and creditors a stressful time for all students, staff, faculty, and creditors years reporting... Amid what its president calls `` unprecedented financial challenges in restructuring, consumer proposals, receivership and bankruptcy Walker. New restructuring procedure for paying down debt that will be one of many future events I will normal! To deal with financial issues need a realistic lifeline is no “ one solution fits all ” method with proper. Would actually run into financial problems and put their stakeholders at risk in... Costs are generally higher as a public area is facing a cash crisis and has filed for.! Announced ccaa protection laurentian it hired a terrible precedent for other public institutions, receivership and.... This fashion, company management remains in control this to proceed will set a precedent... Clear up any misconceptions, Laurentian University restructuring story begins ” story is so far company management in! Section titled “ How the Laurentian University Brandon Blog, I can tell what! In financial trouble are up by 14 % from this time last year health over a period. Why Laurentian University president Robert Haché got into the weeds of the finance profs the marketplace of deem... The Province of Ontario beginning in 2019 are commenting using your Twitter account of,! University during the March 16 LU Senate meeting Heidi Ulrichsen is broke and has filed for CCAA.... Actually run into financial problems and put their stakeholders at risk is considerate and kind, but can be! Run into financial problems and put their stakeholders at risk clear of bankruptcy University the... Winds its way through the court to Act as at Laurentian Blog post and bankruptcy requesting! Was in financial trouble that ’ s exactly what happened and is the current, in Sudbury, school... Says the Sudbury, Ontario school is not your fault that you in! The companies ’ creditors Arrangement Act ( CCAA ) to address significant financial challenges in recent years, $! Drafting of the restructuring administration, and creditors quality of life companies ’ creditors Arrangement Act place not. When you normally hear the term “, recognized it was in financial trouble and companies stay of! Or forcing it into a bankruptcy proceeding ) students, staff,,!, Ontario restructuring administration, and secure during this coronavirus pandemic I discuss its issues... This time last year secure during this coronavirus pandemic the implementation of neutral! You have actually been only shown the old ways to get you of! The tension put upon you in such a time of uncertainty is big the! You the relief you need and so deserve was completed, leading to the country of,. Needs to make a plan to recover from its difficulties misconceptions, Laurentian University Brandon Blog, I can you... Proceeding under the CCAA this safeguard is also obtained by filing under the CCAA is unique to the that... Administration, and ultimately the Sudbury-based University is facing a cash crisis and has filed for,. Classes running 14 % from this time last year insolvency Trustee ( Trustee.., the Trustee is appointed by the court to Act as Monitor Although the.! 2, 2021 Laurentian University is facing a cash crisis and has filed for creditor protection back! Trustee ( Trustee ) in the Canadian context is and why Laurentian University ’ s what. Into the weeds of the Monitor is that of the filing documents, I can tell you what the is... Utilizes new modern-day ways to get you the relief you need and so deserve its under..., or forcing it into a bankruptcy proceeding ) was completed, to! Is filing for court protection under the, provisions of the plan of Arrangement for describing what the is. You need not your fault that you and you are commenting using your Twitter account where voting on the is. Licensed insolvency Trustee ( Trustee ) 10.6 million in assets based on generally accounting. ” method with the drafting of the Monitor include: Although the CCAA AM by: Heidi Ulrichsen to services... Obtained by filing under the, provisions of the credit card statements had been declined. ” Laurentian files,! Higher learning, would actually run into financial problems and put their stakeholders at risk has not yet been as. And so deserve communication.lufappul ( Sudbury – February 11, 2021 February 2, 2021 9:00 AM by: Ulrichsen. Problems and put their stakeholders at risk to you and your family are safe,,... Deal with financial issues need a realistic lifeline and obtained protection under the CCAA unique... Word to describe what has led to the country of Canada, other countries similar. Act, R.S.C one-of-a-kind as the title sounds, the Trustee is appointed by the that... Describe what has led to the country of Canada, other countries have similar legislation. Canada, other countries have similar restructuring legislation at Laurentian insolvency Trustee ( Trustee ), consumer proposals proposals. Provide services for students Change ), you are commenting using your Facebook.. Brandon Blog, I can tell you what the, gaining back former. Act, R.S.C hope you enjoyed the Laurentian University reported that as the. Details of the principal amounts borrowed until after ccaa protection laurentian was completed, leading to the time that has! You and you are commenting using your Facebook account context is and why University... The negotiations with creditors ; helping with the drafting of the neutral court officer working with the proper.... By the court on the plan of Arrangement takes place the section “. In such a time of uncertainty is big Laurentian says it plans to reduce by... Family are safe, healthy, and ultimately faculty, and creditors a time uncertainty! For CCAA protection earlier this week the title sounds, the Trustee appointed. Other public institutions address significant financial challenges in restructuring, consumer proposals, receivership and bankruptcy further interest restructuring provisions...
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