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House Bill

Bill C-309

44th Parl. 1st Sess.
December 01, 2022
An Act to amend the Bankruptcy and Insolvency Act and the Companies' Creditors Arrangement Act (public institutions)
  • Bill C-309 is a proposed law that would change the Bankruptcy and Insolvency Act and the Companies’ Creditors Arrangement Act. The purpose of the bill is to exempt certain public institutions from these acts. Public institutions that receive government operating grants and are subject to federal or provincial policy directives and operating procedures related to governance, accountability, finance, and administration would be excluded from the application of these acts. This means that these public institutions would not have to follow the bankruptcy and insolvency rules that other companies and organizations are required to follow.
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Context: House Hansard - 139 - Dec/1/22
Mr. Charlie Angus (Timmins—James Bay, NDP)
moved for leave to introduce Bill C-309, An Act to amend the Bankruptcy and Insolvency Act and the Companies' Creditors Arrangement Act (public institutions). He said: Mr. Speaker, I am certain anyone who read the Ontario auditor general's report on the financial disaster at Laurentian University understands the importance of protecting public institutions from ever being exploited through the bankruptcy protection act. What happened at Laurentian was a debacle. We now know that this was not an accident. The administration and lawyers deliberately chose bankruptcy protection. In doing so, they trashed the careers of numerous academics, destroyed programs that took years to build up, and damaged the career trajectory of over 1,000 students. It will take years to restore the confidence there once was. We need to ensure that the bankruptcy protection act is never used against institutions that receive public funding, whether it is hospitals, universities or health care centres. This cannot be a tactic used by right-wing governments at the provincial level to undermine public investment in key institutions, like what happened at Laurentian University.
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