Canada proposes amendments to CCAA, Insolvency Act to exclude public postsecondary institutions 

The Government of Canada is proposing amendments to the Companies’ Creditors Arrangement Act (CCAA) and the Bankruptcy and Insolvency Act that would exclude public postsecondary institutions from declaring insolvency. The issue was addressed in the fall economic statement, which referenced Laurentian University’s insolvency and related concerns. “These amendments will reduce the risk of negative consequences in possible corporate restructuring at public post-secondary educational institutions, such as reduced programming,” read the statement. The Ontario Confederation of University Faculty Associations welcomed the news. “Canadians across the country know how valuable our world-class public university system is, and we know that these reforms will help protect our public universities and help them thrive,” said OCUFA President Nigmendra Narain.