November 17, 2022 – Today, Ontario’s Auditor General released her Special Report on Laurentian University, which examines the University’s operations since 2010. This includes a review of the circumstances that led to Laurentian’s insolvency and subsequent filing for CCAA protection.
“We respect the Auditor General’s mandate and the work she undertook at the request of the Standing Committee on Public Accounts to investigate how Laurentian became insolvent,” said Jeff Bangs, Chair, Laurentian University Board of Governors. “It is now incumbent on us to learn from her advice and, most importantly, accept and implement each of her recommendations. When combined with the external operational and governance reports the University has already obtained – and the commitments made to its stakeholders through the Plan of Arrangement – the University has a strong foundation to make much-needed changes and ensure the mistakes of the past are never repeated.”
On October 5, 2022, Laurentian received final Court approval of the Plan of Arrangement, enabling it to begin implementing the Plan that was accepted by its creditors later this fall. Laurentian is committed to seeing this transformation to completion – and will do what is necessary to ensure that it has the skills, operational efficiencies, processes and transparency that are expected of it.
“We are committed to beginning the University’s next chapter on a solid financial footing and ushering in a new era of accountability,” Bangs added. “The students, staff and faculty of Laurentian deserve nothing less.”