The judge’s tone was brisk and business-like at aZoom courtroom hearing Tuesday to lay out a path for current,former and retired Laurentian employeesclaiming compensation from insolvent Laurentian University.
The new policy provides a formula forthe claims process, but doesn’t mandate a payout percentage of the claim.
The institution declared itself insolvent Feb. 1, with its president Robert Hachsaying it was entering creditor protectionbecause it didn’t have the financial means to cover the payroll that month. Under the Companies’ Creditors Arrangement Act, the university was allowed to operate while dealing with its financial situation.
Since then, there have been drastic cuts to programs, staff and faculty.
In a letter to the …
Read the full article at: https://www.cbc.ca/news/canada/sudbury/claims-process-methodology-laurentian-university-insolvency-1.6143882
