On June 24, the federal government passed Bill C-59, amending the Companies' Creditors Arrangement Act and Bankruptcy and Insolvency Act to exclude public educational institutions. The bill marks the end of a saga that began in Sudbury in 2021 when Laurentian University filed for insolvency, a move that shocked the postsecondary world.
Amidst staggering program cuts, staff layoffs and intervention from the province, what became clear to advocates is that the original bill, designed for private corporations, never should have been used by a university. Now, as universities across the province face a tough fiscal climate, experts say Bill C-59 brings both relief and questions about a new way forward for long-term financial sustainability at Ontario institutions.
For Sue Wurtele, past president and current board chair for the Ontario University Faculty Associations (OCUFA), the legislation felt like a long time coming. "When you're living right in it and it hangs over your head and we've got the financial situation that's affecting many of our universities right now, it does feel like a long time."
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