What happened at Laurentian University should never happen at a public institution again.
The Company Creditor’s Arrangement Act (CCAA) was never designed for public institutions. Created in the 1930’s in the midst of the Great Depression, the CCAA was specifically designed to protect shareholder investments and ensure that creditors – ie banks – go their money back. The CCAA puts the company under the control of the courts and accountants, who then use a cloak of secrecy to break and cancel contracts, rip up negotiated agreements and ignore fair process in the name of ‘restoring profitability.’
Public institutions, by their very nature, measure profitability in a way that is not, and cannot be captured by the CCAA.
The Liberal Party of Canada promised to amend the CCAA if elected. It is up to us to remind our local Liberal MP’s that we expect them to become champions of this promise! Send a letter today to Sudbury riding Lib MP Viviane Lapointe, and Nickel Belt riding Lib MP Marc Serré.
KEEP IN TOUCH!
Join our Facebook page: https://www.facebook.com/SaveOurSudburySauvonsSudbury
Follow us on Twitter: @OurSudbury
Join the Northern Solidarity page: https://northernsolidarity.ca/get-involved/