Laurentian University staff union welcomes new law protecting universities from bankruptcy proceedings
CBC
The president of Laurentian University's staff union welcomes new federal legislation that protects public universities and colleges from insolvency and bankruptcy proceedings often reserved for private corporations.
Bill C-59, which includes amendments to the Companies' Creditors Arrangement Act (CCAA) and Bankruptcy and Insolvency Act (BIA), received is now awaiting royal assent after passing third reading from the federal Senate on June 19.
The amendments exclude public post-secondary educational institutions from both pieces of legislation.
"I think it's a fantastic decision," said Tom Fenske, president of the Laurentian University Staff Union.
"Kudos for everyone that was involved to get this decision made, including a lot of people on the ground, you know, and trying to get politicians and lawmakers and everyone to understand that this should have never been used."
In 2021 Laurentian filed for insolvency under the CCAA. That resulted in the loss of nearly 200 staff and faculty jobs, and more than 70 programs cut.
Fenske says Laurentian should have never gone through insolvency proceedings designed for corporations.
With the changes to the legislation, he hopes more focus can be directed toward university funding.
"A lot of universities right now in this province are struggling and that struggle is directly attached to decisions made by the provincial government," Fenske said.
"That's really where the focus should be now."
The Ontario Confederation of University Faculty Associations (OCUFA) also welcomed the new legislation.
"Public universities are not businesses and should not be treated as such, and this bill is a crucial piece of legislation that will protect university students, faculty and staff from corporate-style restructuring policies that prioritize creditors over the public interest," said OCUFA executive director Jenny Ahn in a news release.
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