International Language Academy of Canada Inc. is in bankruptcy under section 49 of the Bankruptcy and Insolvency Act, with the bankruptcy taking effect on September 18, 2026 at 14:48. KPMG Inc. is trustee. The proceeding is carried on the Ontario estate file under number 31-3425631 and remains active.
The officer filed a report. ILAC BC immediately ceased operations on the Bankruptcy Date, with all classes and programming cancelled. It had no employees, as shared services were provided by its parent ILAC.
Source: Trustee's Preliminary Report - ILAC Intl College (BC) - 2026.10.09
Bankruptcy of ILAC International College (BC) Ltd. took effect at 15:46 with KPMG Inc. as trustee; its Form 78 showed assets of $230,149.40 against liabilities of $134,494,177.62.
Assignment under section 49 took effect at 14:48, placing KPMG Inc. in as trustee; the Form 78 signed by Adam Shantz showed assets of $7,927,232.16 against liabilities of $135,223,528.83.
Case update
ILAC: KPMG's reports tie the revenue slide to study-permit caps
KPMG's first-meeting reports of October 8 and 9 give the trustee's understanding of why revenue fell at the ILAC schools: federal study-permit caps, a work-permit rule and fewer British Columbia attestation letters. For the parent, owing a bank syndicate about $133.1 million, KPMG anticipates a material shortfall for secured creditors and no distribution to unsecured ones.
Filing brief
ILAC: five bankruptcies, and the same three banks in each
International Language Academy of Canada Inc. filed an assignment in bankruptcy on September 18, 2026; two ILAC International College companies, Tamwood Careers Ltd. and Canadian Edge International Corp followed by September 25, all with KPMG as trustee. Each statement of affairs lists The Bank of Nova Scotia at $52.42 million and Desjardins and National Bank at $40.33 million apiece.
Debtor
International Language Academy of Canada Inc.
Trustee in bankruptcy
KPMG
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | The Bank of Nova Scotia · in 113 casesListed as 'Bank Loans except real property mortgage', lender, date given/incurred 19-Mar-2013; asset securing the liability: $230,149.40 (cash on hand and accounts receivable); estimated deficit from security: -52,190,422.62. Total claim shown as $52,420,572.02 (secured $52,190,422.62 plus $230,149.40 in the next column). — Amount is the figure stated in the Statement of Affairs list of liabilities (debtor's estimate as at the date of bankruptcy). The $230,149.40 column is not labelled in the extracted text; interpreted as the asset-securing value, not verified. The Total row of the list also · as of 22 Sep 2026 | $52.2M | Notice to Creditors - ILAC Intl College (BC) |
| 4 | Secured | |||
| 4 | Secured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
17 more claims in 2 classes The stack holds Secured and Unsecured claims.
Every creditor and every amount, drawn to scale.
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See all plansUnsecured creditors: no distribution.EstimatedTrustee's Preliminary Report - ILAC Intl College (BC) - 2026.10.09 · 9 Oct 2026
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | — | — | shortfall | Estimatedper the trustee | Trustee's Preliminary Report - ILAC - 2026.10.08 · 8 Oct 2026 |
| Unsecured | — | — | no distribution | Estimatedper the trustee | Trustee's Preliminary Report - ILAC Intl College (BC) - 2026.10.09 · 9 Oct 2026 |
Each row is one filing's statement, copied as it reads and never computed. "Estimated" is the officer's forecast; "Under the plan" is the plan's or proposal's own term; "Final" is a declared or paid distribution; a row with no chip states no footing. A range is the two numbers stated; "of proven claims" is the document's own denominator.
As at ·
Cash on hand
$96K
As at 22 Sep 2026Trustee's Preliminary Report - ILAC Intl College (BC) - 2026.10.09
The 2 totals the debtor stated at filing
Each one as the filing states it, with its source.
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See all plans| Date | Document | File |
|---|---|---|
Trustee's Preliminary Report - Canadian Edge - 2026.10.09
| PDF · Subscribers | |
Trustee's Preliminary Report - ILAC Intl College (BC) - 2026.10.09
| PDF · Subscribers | |
Trustee's Preliminary Report - ILAC - 2026.10.08
| PDF · Subscribers | |
Trustee's Preliminary Report - ILAC Intl College - 2026.10.08
| PDF · Subscribers | |
Trustee's Preliminary Report - Tamwood Careers - 2026.10.08
| PDF · Subscribers | |
Notice to Creditors - Tamwood Intl College
| PDF · Subscribers | |
| Certificate of Appointment - Tamwood Intl College | PDF · Subscribers | |
Notice to Creditors - Canadian Edge International Corp
| PDF · Subscribers | |
| Certificate of Appointment - Canadian Edge International Corp | PDF · Subscribers | |
Notice to Creditors - Tamwood Careers
| PDF · Subscribers | |
Notice to Creditors - ILAC Intl College
| PDF · Subscribers | |
Notice to Creditors - ILAC Intl College (BC)
| PDF · Subscribers | |
Notice to Creditors - ILAC
| PDF · Subscribers | |
| Certificate of Appointment - Tamwood Careers | PDF · Subscribers | |
Certificate of Appointment - ILAC Intl College
| PDF · Subscribers | |
| Certificate of Appointment - ILAC Intl College (BC) | PDF · Subscribers | |
Certificate of Appointment dated September 18, 2026
| PDF · Subscribers | |
Filing titles and dates are public, and so is each filing's own page. The figures read from them are for subscribers.
CiteProceedings., “International Language Academy of Canada Inc.” (Bankruptcy). Retrieved 16 October 2026, https://proceedings.ca/case/international-language-academy-of-canada-inc
Sources last checked · summary updated 30 September 2026 · Report a correction · Printed from proceedings.ca/case/international-language-academy-of-canada-inc
Facts and summaries are extracted automatically from the court filings linked on each page; the filings remain the authoritative record. Suggested corrections are reviewed against the source filings.