September 2022

By the numbers / Laurentian University financial crisis

By the numbers / Laurentian University financial crisis

Repercussions of the CCAA process

195 Staff and faculty terminated36% University programs eliminated932 Students’ impacted

Primary causes of the insolvency

$66 million deficit due to "poorly considered capital investments"*75% growth of senior administration costs

Companies’ Creditors Arrangement Act (CCAA) costs to the University

$48.7 million for bank charges, legal and consultant fees45.4 million for employee restructuring and termination

* Media reports indicate that deficits ran back to at least 2014. 
Sources: Preliminary Perspective on Laurentian University, Office of the Auditor General of Ontario, April 2022 | Annual Financial Report Fiscal Year Ended April 30, 2021, Laurentian University

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