{"id":10705,"date":"2021-05-05T19:00:59","date_gmt":"2021-05-05T23:00:59","guid":{"rendered":"http:\/\/www.irasmithinc.com\/blog\/?p=10705"},"modified":"2021-05-14T01:20:42","modified_gmt":"2021-05-14T05:20:42","slug":"laurentian-university-insolvency","status":"publish","type":"post","link":"https:\/\/irasmithinc.com\/blog\/laurentian-university-insolvency\/","title":{"rendered":"LAURENTIAN UNIVERSITY INSOLVENCY RESTRUCTURING &#8211; OUR UPDATED GUIDE ON ITS MASSIVE CUTS TO GAIN FINANCIAL HEALTH"},"content":{"rendered":"<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">We hope that you and your family are safe, healthy and secure during this <\/span><i><span style=\"font-weight: 400;\">COVID-19 pandemic<\/span><\/i><span style=\"font-weight: 400;\">. Ira Smith Trustee &amp; Receiver Inc. is absolutely operational and Ira, in addition to Brandon Smith, is readily available for a telephone consultation or video meeting.<\/span><\/p>\n<p><iframe loading=\"lazy\" title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/8mdSKv4MVIM\" width=\"860\" height=\"484\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><em><strong>laurentian university insolvency\u00a0<\/strong><\/em><\/p>\n<h2 id='laurentian-university-insolvency-laurentian-students-faculty-shocked-at-university-s-declaration-of-insolvency'  id=\"boomdevs_1\" style=\"text-align: left;\"><strong><em>Laurentian University insolvency:\u00a0 Laurentian students, faculty \u2018shocked&#8217; at university&#8217;s declaration of insolvency<\/em><\/strong><\/h2>\n<p>On February 8, 2021, I wrote my blog about the\u00a0<strong><em>Laurentian University insolvency<\/em><\/strong>\u00a0filing for\u00a0<em>creditor protection<\/em>\u00a0under the\u00a0<a href=\"https:\/\/www.ic.gc.ca\/eic\/site\/bsf-osb.nsf\/eng\/br02284.html#toc1\" target=\"_blank\" rel=\"noopener\"><em>Companies&#8217; Creditors Arrangement Act\u00a0<\/em>(Canada)<\/a><em>\u00a0(CCAA)<\/em>\u00a0on February 1, 2021.\u00a0 It was the very first time in Canada that a\u00a0<em>public university<\/em>\u00a0took such\u00a0<em>creditor protection<\/em>\u00a0action.\u00a0 That blog is titled:\u00a0\u00a0<a href=\"http:\/\/www.irasmithinc.com\/blog\/laurentian-university-creditor-protection\/\" target=\"_blank\" rel=\"noopener\">Laurentian University Facing Insolvency Makes Startling CCAA News By Filing For Creditor Protection<\/a>.<\/p>\n<p>Post-secondary education can be a hard path for lots of young Canadians. The road can be filled with challenging experiences. Nevertheless, students never thought that having their college or university teeter on the edge of bankruptcy while they&#8217;re still going there would be a reality they would need to face! &#8220;It was a surprise,&#8221; declares one third-year Laurentian University student, resembling the views of her peers.<\/p>\n<p>The students found out about the\u00a0<em>Laurentian University insolvency<\/em>\u00a0when they logged into their student portal.\u00a0 That is when they found out that the school has declared itself insolvent. The\u00a0<em>University President<\/em>\u00a0and Vice-Chancellor stated in the\u00a0<a href=\"http:\/\/www.irasmithinc.com\/blog\/ccaa-canada-2\/?relatedposts_hit=1&amp;relatedposts_origin=10705&amp;relatedposts_position=1&amp;relatedposts_hit=1&amp;relatedposts_origin=10705&amp;relatedposts_position=1\"><em>CCAA proceedings<\/em><\/a>\u00a0that the university&#8217;s dire financial situation financial issues were first determined as early as 2008-09 when a prior administration.<\/p>\n<p>The students who were accepted to the school on the understanding that the school would continue operating and that their field of study would not be in danger surely feel betrayed by this.\u00a0 What a\u00a0<em>stressful time<\/em>\u00a0for them.<\/p>\n<p>Everyone was pretty shocked when we found out that the\u00a0<em>Laurentian University insolvency<\/em>\u00a0<em>CCAA<\/em>\u00a0filing happened.\u00a0 \u00a0Nobody had really focussed before on the fact that\u00a0<em>public institutions<\/em>\u00a0like Laurentian would become insolvent and then be eligible for a\u00a0<em>CCAA process<\/em>.<\/p>\n<p>What went wrong in this\u00a0<em>Sudbury, Ontario-based university?<\/em> In this Brandon Blog, I&#8217;m going to give you an update to my February 8, 2021, Brandon Blog and what has gone on since then in this <em>Laurentian University insolvency<\/em> process.<\/p>\n<h2 id='laurentian-university-insolvency-is-laurentian-university-closing'  id=\"boomdevs_2\"><strong><em>Laurentian University insolvency:\u00a0 Is Laurentian University closing?<\/em><\/strong><\/h2>\n<p>No.\u00a0 The purpose of the\u00a0<em>CCAA filing<\/em>\u00a0is to allow\u00a0<a href=\"http:\/\/www.irasmithinc.com\/blog\/laurentian-university-in-sudbury\/\"><em>Laurentian University<\/em><\/a>\u00a0to restructure so that hopefully it will remain open for a long time to come.\u00a0 Laurentian has continued operating. Courses are continuing (virtually because of the\u00a0<em>COVID-19 pandemic<\/em>).<\/p>\n<p>Laurentian opened up discussions with its different stakeholders, including its students, faculty, other staff, trade suppliers, research-granting agencies and donors immediately after the issuance of the court order approving the\u00a0<em>Laurentian University insolvency<\/em>\u00a0filing.<\/p>\n<p>Laurentian has to negotiate functional modifications in order to drive go-forward financial savings. Consequently, these conversations have included settlement negotiations between Laurentian and the:<\/p>\n<ul>\n<li>Committee of representatives chosen by the Senate, to deal with the course offering to restructure.<\/li>\n<li>Federated Universities;<\/li>\n<li>Laurentian University Faculty Association, the bargaining unit representing the professors; and<\/li>\n<li>Laurentian University Staff Union, the bargaining unit for non-faculty personnel.\n<p><figure id=\"attachment_10709\" aria-describedby=\"caption-attachment-10709\" style=\"width: 300px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/g.page\/torontobankruptcy?share\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-10709\" src=\"http:\/\/www.irasmithinc.com\/blog\/wp-content\/uploads\/2021\/05\/laurentian-university-insolvency-300x169.jpg\" alt=\"laurentian university insolvency\" width=\"300\" height=\"169\" data-wp-pid=\"10709\" data-pin-nopin=\"nopin\" title=\"\" srcset=\"https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/05\/laurentian-university-insolvency-300x169.jpg 300w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/05\/laurentian-university-insolvency-1024x576.jpg 1024w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/05\/laurentian-university-insolvency-768x432.jpg 768w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/05\/laurentian-university-insolvency-1200x675-cropped.jpg 1200w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/05\/laurentian-university-insolvency-150x84.jpg 150w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/05\/laurentian-university-insolvency.jpg 1280w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><figcaption id=\"caption-attachment-10709\" class=\"wp-caption-text\"><em>laurentian university insolvency<\/em><\/figcaption><\/figure><\/li>\n<\/ul>\n<h2 id='unions-at-laurentian-university-lose-fight-to-unseal-documents-related-to-insolvency-process'  id=\"boomdevs_3\"><strong><em>Unions at Laurentian University lose fight to unseal documents related to insolvency process<\/em><\/strong><\/h2>\n<p>Upon the initial <a href=\"http:\/\/www.irasmithinc.com\/blog\/personal-bankruptcy-blog\/?relatedposts_hit=1&amp;relatedposts_origin=10705&amp;relatedposts_position=2&amp;relatedposts_hit=1&amp;relatedposts_origin=10705&amp;relatedposts_position=2\"><em>CCAA filing<\/em><\/a>, the <em>Laurentian University insolvency<\/em> application included a request for a sealing order to keep away from public viewing two Exhibits.\u00a0 Laurentian&#8217;s position was that stakeholders should not be able to see those documents as it would weaken and perhaps totally frustrate Laurentian&#8217;s ability to restructure.\u00a0 The court granted the sealing order.<\/p>\n<p>On March 4, 2021, the Ontario Confederation of University Associations, the faculty union and the Canadian Union of Public Employees served notices looking for leave to appeal the sealing order from the Court of Appeal for Ontario.\u00a0 On March 31, 2021, the\u00a0<a href=\"https:\/\/canlii.ca\/t\/jf220\" target=\"_blank\" rel=\"noopener\"><em>Court of Appeal for Ontario<\/em><\/a>\u00a0issued its decision dismissing the motion for leave to appeal.<\/p>\n<h2 id='laurentian-university-cuts-100-professors-dozens-of-programs'  id=\"boomdevs_4\"><strong><em>Laurentian University cuts 100 professors, dozens of programs<\/em><\/strong><\/h2>\n<p>Laurentian University told the court that it had many programs relative to its number of pupils. Since the day of the CCAA declaration, Laurentian had roughly 209 different programs &#8211; 166 undergraduate programs as well as 43 programs for graduate students. Laurentian additionally advised that a lot of programs have continually reducing enrolment and are not financially sustainable.<\/p>\n<p>The university undertook an evaluation of low-enrollment programs and a review of the variety of courses to be provided moving forward. This procedure led to a full review of programs as well as potential program closures.\u00a0 The results of this analysis led to recommendations for academic program restructuring.\u00a0 The recommendations were accepted by the Senate Sub-Committee charged with completing this review and also the complete Senate.<\/p>\n<p>The program closures consist of 38 English-language undergraduate programs and 27 French-language undergraduate programs. This represents 39% of the undergraduate programs offered as of February 1, 2021. This will affect about 772 undergraduate students (557 in English language programs and 215 in French-language programs).\u00a0 In addition, Laurentian proposes to close 11 graduate programs (4 in French; 7 in English).<\/p>\n<p>If programs are being cut, then it stands to reason that teaching costs and other staff costs also need to be reduced.\u00a0 At the commencement of the CCAA proceedings, approximately 612 employees were represented by LUFA including 355 full-time faculty, many of whom had tenure pursuant to the collective agreement, 252 sessional faculty or health care professionals and 5 full-time counsellors.<\/p>\n<p>The faculty and the Laurentian Board are parties to a collective agreement with a three-year term which expired on June 30, 2020. Pursuant to the provisions of the agreement, it automatically continues year-to-year unless notice is provided that either the union or university intends to terminate or amend it. In February 2020, the union provided the Laurentian Board with a notice to bargain. The agreement automatically remains in force during any period of negotiation.<\/p>\n<p>On April 7, 2021, after participating in\u00a0<em>insolvency negotiations<\/em>\u00a0and mediation, the parties entered into a new\u00a0<em>labour agreement<\/em>\u00a0term sheet.\u00a0 Since academic programs were cut, faculty cuts had to follow.\u00a0 The term sheet calls for a new collective agreement with a five-year term expiring on June 30, 2025.\u00a0 It declares 116 full-time faculty positions and 1 counsellor position redundant.<\/p>\n<p>The faculty downsizing will be achieved through voluntary resignations and termination of employment.\u00a0 Faculty to be terminated, who is currently teaching, will be terminated effective May 15, 2021.\u00a0 Those faculty who were not teaching in the current term were terminated effective April 30, 2021.\u00a0 There are also some other salary decreases across the board and benefits reductions for continuing faculty.<\/p>\n<p>As far as other unionized staff (non-faculty), there will be 42 job losses.\u00a0 For the remaining non-teaching staff, there will be certain salary and benefits adjustments.\u00a0 For non-union staff, there is some salary rollback and loss of certain benefits.<\/p>\n<figure id=\"attachment_10709\" aria-describedby=\"caption-attachment-10709\" style=\"width: 300px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/g.page\/torontobankruptcy?share\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-10709\" src=\"http:\/\/www.irasmithinc.com\/blog\/wp-content\/uploads\/2021\/05\/laurentian-university-insolvency-300x169.jpg\" alt=\"laurentian university insolvency\" width=\"300\" height=\"169\" data-wp-pid=\"10709\" data-pin-nopin=\"nopin\" title=\"\" srcset=\"https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/05\/laurentian-university-insolvency-300x169.jpg 300w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/05\/laurentian-university-insolvency-1024x576.jpg 1024w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/05\/laurentian-university-insolvency-768x432.jpg 768w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/05\/laurentian-university-insolvency-1200x675-cropped.jpg 1200w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/05\/laurentian-university-insolvency-150x84.jpg 150w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/05\/laurentian-university-insolvency.jpg 1280w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><figcaption id=\"caption-attachment-10709\" class=\"wp-caption-text\"><em>laurentian university insolvency<\/em><\/figcaption><\/figure>\n<h2 id='laurentian-university-insolvency-court-ruling-allows-laurentian-university-to-reduce-value-of-pension-plan-payouts'  id=\"boomdevs_5\"><strong><em>Laurentian University insolvency:\u00a0 Court ruling allows Laurentian University to reduce value of pension plan payouts<\/em><\/strong><\/h2>\n<p>The\u00a0<em>institution<\/em>\u00a0oversees three pension and benefit plans: (a) a registered defined benefit pension plan (DBP); (b) a supplementary unfunded retirement plan (SURP) and (c) a retirement health benefits plan (RHBP). The SURP, as well as RHBP, are currently unfunded. Repayments pursuant to the SURP and RHBP have remained stayed, in conformity with the terms of the CCAA Order.<\/p>\n<p>The DBP is a plan registered with the Financial Services Regulatory Authority of Ontario under the Ontario Pension Benefits Act as well as the Income Tax Act (Canada). The DBP has a going-concern\u00a0<em>pension deficit<\/em>\u00a0of roughly $4.5 million. The University needs to deal with the going-concern shortage. Under provincial government regulations, it needs to do so within a 10-year duration.<\/p>\n<p>Terminated personnel that are DBP members, need to think about whether they want to move their pension plan entitlement to a different trustee due to the fact that they are not qualified to receive their pension payments yet.\u00a0 Alternatively, they could maintain their pension with Laurentian University as trustees.\u00a0 For retiring or terminated staff, depending on their situation, they must elect either an immediate pension plan payment or a deferred pension.<\/p>\n<p>On March 17, 2021, the court made an order specifying, amongst other things, that for any kind of DBP participant that wanted to transfer their pension plan, a transfer proportion of 65.8% will be used for any commuted value transfer request for anyone that received a retirement or termination statement and an election form, for whom such transfers had not yet been made.<\/p>\n<p>Therefore, anyone making such an election lost 34.2% of what they believed their pension entitlement was going to be.\u00a0 Various other amendments to the DBP are also proposed to take place in the\u00a0<em>Laurentian University insolvency<\/em>\u00a0matter.\u00a0 As you can imagine, the further amendments are aimed at creating long-term solvency for the DBP.\u00a0 Therefore, it involves certain reductions to what the remaining members thought they bargained and signed up for!<\/p>\n<p>As part of the restructuring, the <em>Laurentian University insolvency<\/em> process also proposes that the RHBP will be terminated.\u00a0 Any claims against the SERP will be dealt with in the CCAA proceedings.<\/p>\n<p>The SURP was implemented on July 1, 2002, to supply additional retirement benefits to\u00a0Laurentian staff members who were in the DBP, to get additional benefits for those earning income over a certain limit. Retiring employees that qualified for the SURP were automatically enrolled.\u00a0 They received either a yearly or monthly payment from the SURP. All of the SURP commitments are unfunded. Historically, the university made annual payments in respect of the SURP from existing operating funds every July.<\/p>\n<p>The\u00a0<em>insolvency negotiations<\/em> and mediation have led to the <em>Laurentian University insolvency<\/em> process recommending that the SURPs be terminated. Accumulated obligations will be managed in the <em>Laurentian University insolvency<\/em> CCAA Plan of Arrangement. All SURP payments stopped on February 1, 2021, as a result of the CCAA stay of proceedings.<\/p>\n<p>By March 17, 2021, all the changes I have talked about so far were approved by the court.<\/p>\n<h2 id='judges-reject-appeals-from-federated-universities-laurentian-insolvency-plan-can-proceed'  id=\"boomdevs_6\"><strong><em>Judges reject appeals from federated universities, Laurentian insolvency plan can proceed<\/em><\/strong><\/h2>\n<p>Laurentian has a federated school structure whereby it has formal affiliations with the Federated Universities: the\u00a0<em>University of Sudbury, Huntington University<\/em>\u00a0and\u00a0<em>Thorneloe University<\/em>.\u00a0 Laurentian has a federated institution framework whereby it has official affiliations with the Federated Universities: the\u00a0<em>University of Sudbury<\/em>,\u00a0<em>Huntington University<\/em>\u00a0as well as\u00a0<em>Thorneloe University<\/em>.<\/p>\n<p>The\u00a0<em>University of Sudbury<\/em>\u00a0is a Roman Catholic multilingual university offering programs in Culture and Communication Studies, Indigenous Studies, Philosophy as well as Religious Studies consisting of courses in both English and French. It was founded in 1913 as Coll\u00e8ge du Sacr\u00e9-Coeur before changing its name to the\u00a0<em>University of Sudbury<\/em>\u00a0in 1957.<\/p>\n<p><em>Huntington<\/em>\u00a0is an independent university founded in 1960 with its own charter and offers programs in Communication Studies, Gerontology, Religious Studies as well as Theology.<\/p>\n<p><em>Thorneloe<\/em>\u00a0is a university with historic origins and association with the Anglican Church of Canada.\u00a0 It offers programs in the departments of Ancient Studies, Religious Studies and also Women&#8217;s, Gender as well as Sexuality Studies.<\/p>\n<p>Laurentian and the\u00a0<em>Federated Universities<\/em>\u00a0are connected via a selection of historical connections as well as contractual arrangements. Each of the\u00a0<em>Federated Universities<\/em>\u00a0is a separate legal entity and each is controlled by their own respective board of governors, independent of Laurentian providing oversight of\u00a0<em>university affairs<\/em>, respectively.<\/p>\n<p>The\u00a0<em>Federated Universities<\/em>\u00a0do not admit or register their own students and they do not confer their own degrees (with the exception of Theology at\u00a0<em>Huntington<\/em>\u00a0as well as\u00a0<em>Thorneloe<\/em>). All\u00a0<em>Federated University<\/em>\u00a0programs and courses are offered by\u00a0<em>Laurentian University<\/em>, and all students go to the Laurentian campus.\u00a0 Although the\u00a0<em>Federated Universities<\/em>\u00a0each manage their own respective financial affairs, they cannot receive provincial funding directly.\u00a0 The majority of the\u00a0<em>public funding<\/em>\u00a0for\u00a0<em>Federated Universities<\/em>\u00a0is processed through Laurentian.<\/p>\n<p>As part of the\u00a0<em>Laurentian University insolvency CCAA restructuring<\/em>, Laurentian served\u00a0<em>Notices of Disclaimer<\/em>\u00a0on the\u00a0<em>Federated Universities<\/em>\u00a0as it felt it was financially more advantageous for\u00a0<em>Laurentian<\/em>\u00a0to be free from those contractual responsibilities.\u00a0 \u00a0 As a result of the negotiation and mediation process, on April 16, 2021,\u00a0<em>Laurentian<\/em>\u00a0and\u00a0<em>Huntington<\/em>\u00a0entered into an agreement whereby\u00a0<em>Huntington<\/em> essentially agreed to cease offering its courses and turn over certain course rights to Laurentian.\u00a0 The only exception allowed in this <em>Laurentian University insolvency<\/em> process negotiation was that if the court held that the <em>University of Sudbury<\/em>\u00a0and<em>\u00a0Thorneloe University<\/em> were permitted to continue to receive funding from Laurentian to teach courses or programs, <em>Huntington<\/em>\u00a0could also, should it choose to do so.<\/p>\n<p>The<em>\u00a0University of Sudbury<\/em>\u00a0and\u00a0<em>Thorneloe<\/em>\u00a0took a different approach.\u00a0 They each filed motion records in court objecting to the Notices of Disclaimer.\u00a0 The court heard the motions on May 2, 2021, along with Laurentian&#8217;s motion to extend the restructuring period and the resulting\u00a0<em>stay of proceedings<\/em>\u00a0to August 31, 2021, and to approve an increase of $10 million to its\u00a0<em>debtor-in-possession financing<\/em>.<\/p>\n<p>Laurentian argued that a condition of the increased financing was that the\u00a0<em>Federated Universities<\/em>\u00a0agreements be terminated and that terminating them will improve the\u00a0<em>University finances<\/em>.\u00a0 The\u00a0<em>University of Sudbury<\/em>\u00a0and\u00a0<em>Thorneloe<\/em>\u00a0argued that it has not been shown necessary to Laurentian&#8217;s future viability and solvency that the\u00a0<em>Federated Universities<\/em>\u00a0relationship had to end and all it really is was an attempt to put them out of business.<\/p>\n<p>Two different judges heard the\u00a0<a href=\"https:\/\/documentcentre.ey.com\/api\/Document\/download?docId=33548&amp;language=EN\" target=\"_blank\" rel=\"noopener\"><em>University of Sudbury<\/em><\/a>\u00a0and the\u00a0<em><a href=\"https:\/\/documentcentre.ey.com\/api\/Document\/download?docId=33547&amp;language=EN\" target=\"_blank\" rel=\"noopener\">Thorneloe University<\/a>\u00a0<\/em>motions.\u00a0 Each released their decisions last Sunday night.\u00a0 Each judge dismissed their respective motions.\u00a0 Laurentian&#8217;s increased financing and the extension of its restructuring period were also approved.\u00a0 The judges indicated that Reasons would follow.\u00a0 At the time of writing this Brandon Blog, the Reasons have not been released.\u00a0 When they are, I will certainly let you know what the Judges&#8217; thought processes were.<\/p>\n<figure id=\"attachment_10709\" aria-describedby=\"caption-attachment-10709\" style=\"width: 300px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/g.page\/torontobankruptcy?share\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-10709\" src=\"http:\/\/www.irasmithinc.com\/blog\/wp-content\/uploads\/2021\/05\/laurentian-university-insolvency-300x169.jpg\" alt=\"laurentian university insolvency\" width=\"300\" height=\"169\" data-wp-pid=\"10709\" data-pin-nopin=\"nopin\" title=\"\" srcset=\"https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/05\/laurentian-university-insolvency-300x169.jpg 300w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/05\/laurentian-university-insolvency-1024x576.jpg 1024w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/05\/laurentian-university-insolvency-768x432.jpg 768w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/05\/laurentian-university-insolvency-1200x675-cropped.jpg 1200w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/05\/laurentian-university-insolvency-150x84.jpg 150w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/05\/laurentian-university-insolvency.jpg 1280w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><figcaption id=\"caption-attachment-10709\" class=\"wp-caption-text\"><em>laurentian university insolvency<\/em><\/figcaption><\/figure>\n<h2 id='unprecedented-laurentian-university-insolvency-summary'  id=\"boomdevs_7\"><strong><em>Unprecedented Laurentian University insolvency summary<\/em><\/strong><\/h2>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Seeking to escape a mounting debt problem, the administration of <em>Laurentian University insolvency<\/em> process has led to its filing for bankruptcy protection under the CCAA statute.\u00a0 This will have unfortunate consequences for some students whose courses of study are no longer offered.\u00a0 It will also have a terrible effect on the roughly 164,000 people who live in Sudbury, many of whom are directly involved in the school.<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">I hope you enjoyed the <\/span><i><span style=\"font-weight: 400;\">Laurentian University insolvency<\/span><\/i><span style=\"font-weight: 400;\"> Brandon Blog post. You may be very upset and frustrated over this. You may have been directly affected by the course and employee downsizing. Perhaps your pension has just been cut drastically from what you thought it would eventually be. You may even be downright depressed.\u00a0 No doubt the Sudbury entrepreneurs may be very frustrated whether their businesses will be able to continue to pay all its debts as they come due.<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Are you worried because you or your business are dealing with substantial debt challenges and you assume bankruptcy is your only option? Call me. It is not your fault that you remain in this way. You have actually been only shown the old ways to try to deal with financial issues. These old ways do not work anymore.<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The<\/span><a href=\"http:\/\/www.irasmithinc.com\/contact_us.html\"><span style=\"font-weight: 400;\"> Ira Smith Team<\/span><\/a><span style=\"font-weight: 400;\"> utilizes new modern-day ways to get you out of your debt difficulties while avoiding<\/span><a href=\"http:\/\/www.irasmithinc.com\/blog\/bankruptcy-alternative\/\"><i><span style=\"font-weight: 400;\"> bankruptcy<\/span><\/i><\/a><span style=\"font-weight: 400;\">. We can get you the relief you need and so deserve.<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The tension put upon you is big. We know your discomfort factors. We will check out your entire situation and design a new approach that is as unique as you and your problems; financial and emotional. We will take the weight off of your shoulders and blow away the dark cloud hanging over you. We will design a debt settlement strategy for you. We know that we can help you now.<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">We understand that people and businesses facing financial issues need a realistic lifeline. There is no \u201cone solution fits all\u201d method with the<\/span><a href=\"http:\/\/www.irasmithinc.com\/contact_us.html\"><span style=\"font-weight: 400;\"> Ira Smith Team<\/span><\/a><span style=\"font-weight: 400;\">. Not everyone has to <\/span><i><span style=\"font-weight: 400;\">file bankruptcy in Canada<\/span><\/i><span style=\"font-weight: 400;\">. The majority of our clients never do. We help many people and companies stay clear of <\/span><i><span style=\"font-weight: 400;\">bankruptcy<\/span><\/i><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">That is why we can establish a new restructuring procedure for <\/span><i><span style=\"font-weight: 400;\">paying down debt<\/span><\/i><span style=\"font-weight: 400;\"> that will be built just for you. It will be as one-of-a-kind as the economic issues and discomfort you are encountering. If any one of these seems familiar to you and you are serious about getting the solution you need,<\/span><a href=\"http:\/\/www.irasmithinc.com\/contact_us.html\"><span style=\"font-weight: 400;\"> contact the Ira Smith Trustee &amp; Receiver Inc. group today<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p style=\"font-weight: 400;\"><a href=\"http:\/\/www.irasmithinc.com\/contact_us.html\"><span style=\"font-weight: 400;\">Call us now for a no-cost consultation<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p style=\"font-weight: 400;\">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, <i>Starting Over, Starting Now<\/i>.<\/p>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">We hope that you and your family are safe, healthy and secure during this <\/span><i><span style=\"font-weight: 400;\">COVID-19 pandemic<\/span><\/i><span style=\"font-weight: 400;\">. Ira Smith Trustee &amp; Receiver Inc. is absolutely operational and Ira, in addition to Brandon Smith, is readily available for a telephone consultation or video meeting.<\/span><\/p>\n<figure id=\"attachment_10709\" aria-describedby=\"caption-attachment-10709\" style=\"width: 580px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/g.page\/torontobankruptcy?share\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-10709\" src=\"http:\/\/www.irasmithinc.com\/blog\/wp-content\/uploads\/2021\/05\/laurentian-university-insolvency-1024x576.jpg\" alt=\"laurentian university insolvency\" width=\"580\" height=\"326\" data-wp-pid=\"10709\" data-pin-nopin=\"nopin\" title=\"\" srcset=\"https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/05\/laurentian-university-insolvency-1024x576.jpg 1024w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/05\/laurentian-university-insolvency-300x169.jpg 300w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/05\/laurentian-university-insolvency-768x432.jpg 768w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/05\/laurentian-university-insolvency-1200x675-cropped.jpg 1200w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/05\/laurentian-university-insolvency-150x84.jpg 150w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2021\/05\/laurentian-university-insolvency.jpg 1280w\" sizes=\"auto, (max-width: 580px) 100vw, 580px\" \/><\/a><figcaption id=\"caption-attachment-10709\" class=\"wp-caption-text\"><em>laurentian university insolvency<\/em><\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>We hope that you and your family are safe, healthy and secure during this COVID-19 pandemic. Ira Smith Trustee &amp; Receiver Inc. is absolutely operational and Ira, in addition to Brandon Smith, is readily available for a telephone consultation or video meeting. laurentian university insolvency\u00a0 Laurentian University insolvency:\u00a0 Laurentian students, faculty \u2018shocked&#8217; at university&#8217;s declaration [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[576,5023,362,5032,584,5031,5021,5027,5036,863,5026,5033,5034,5020,4703,5030,5028,5019,5029,5025,5024,5037,5035,5022],"class_list":["post-10705","post","type-post","status-publish","format-standard","hentry","category-brandon-blog-post","tag-ccaa","tag-ccaa-proceedings","tag-companies-creditors-arrangement-act","tag-court-ruling-allows-laurentian-university-to-reduce-value-of-pension-plan-payouts","tag-creditor-protection","tag-dozens-of-programs","tag-faculty-shocked-at-universitys-declaration-of-insolvency","tag-federated-universities","tag-huntington-university","tag-ira-smith-trustee","tag-is-laurentian-university-closing","tag-judges-reject-appeals-from-federated-universities","tag-laurentian-insolvency-plan-can-proceed","tag-laurentian-students","tag-laurentian-university","tag-laurentian-university-cuts-100-professors","tag-laurentian-university-faculty-association","tag-laurentian-university-insolvency","tag-laurentian-university-staff-union","tag-ontario-based-university","tag-sudbury","tag-thorneloe-university","tag-university-of-sudbury","tag-university-president"],"_links":{"self":[{"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/posts\/10705","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/comments?post=10705"}],"version-history":[{"count":5,"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/posts\/10705\/revisions"}],"predecessor-version":[{"id":10754,"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/posts\/10705\/revisions\/10754"}],"wp:attachment":[{"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/media?parent=10705"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/categories?post=10705"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/tags?post=10705"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}