WCI Westervelt College Inc. was placed in a court-appointed receivership in the Ontario Superior Court of Justice (Commercial List), with Richter Advisory Group Inc. appointed receiver on the application of ECC Education Consolidation Corporation under section 101 of the Courts of Justice Act (court file CV-17-579922-00CL). An unaudited management balance sheet as at June 30, 2017 showed total assets of $3,620,249 against total liabilities of $4,241,066, the latter including $2,798,596 in intercompany payables owing to the parent and affiliates.
The court granted an approval and vesting order for the sale to EFC Trade Inc. Closing terms, as extracted: Vesting is effective upon delivery of the Receiver's Certificate confirming payment of the Purchase Price, satisfaction/waiver of closing conditions, and completion of the Transaction. Court file CV-17-579922-00CL.
The court appointed Richter Advisory Group Inc. as receiver, on the application of ECC Education Consolidation Corporation. Court file CV-17-579922-00CL.
ECC Education Consolidation Corporation's application to appoint a receiver was filed July 31, 2017.
Debtor
WCI Westervelt College Inc
Receiver
Richter
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Royal Bank of Canada · in 556 casesGeneral security interest (PPSA registration) securing WCI's guarantee of an ECC credit facility (the 'RBC Guarantee') — Obligations guaranteed currently total approximately this amount; RBC has consented to the Transaction and Approval and Vesting Order — debtor: WCI Westervelt College Inc. | $4.06M | Application Record – dated July 31, 2017 |
| 4 | Secured | FWCU Capital Corp. (First West) · in 5 casesGeneral security interest (PPSA registration) securing WCI's guarantee of a second ECC credit facility (the 'First West Guarantee') — Obligations guaranteed currently total approximately this amount; First West has consented to the Transaction and Approval and Vesting Order — debtor: WCI Westervelt College Inc. | $1.25M | Application Record – dated July 31, 2017 |
| 7 | Preferred (BIA s. 136) | ECC Education Consolidation CorporationRelated party: ECC is the 100% owner of WCI; advances made on an unsecured basis; in Dec 2015 ECC also subscribed for WCI preferred shares, proceeds used to pay down an additional $8.5 million in debt owed to ECC — debtor: WCI Westervelt College Inc. · as of 30 Jun 2017 | $2.79M | Application Record – dated July 31, 2017 |
| 8 | Unsecured | Landlord of London Premises (1060 Wellington Road, London, Ontario)For deferred rent increases and costs of repairs — debtor: WCI Westervelt College Inc. · as of 19 Jul 2017 | $101K | Application Record – dated July 31, 2017 |
| 8 | Unsecured | Unsecured trade creditors (aggregate as reported) · in 8 casesDocument names no individual trade creditors — debtor: WCI Westervelt College Inc. · as of 19 Jul 2017 | $33.7K | Application Record – dated July 31, 2017 |
Sale approvedApproval and Vesting Order – dated August 2, 2017 · 2 Aug 2017
| Purchaser | Price | Status | Source |
|---|---|---|---|
| EFC Trade Inc.the Debtor's right, title and interest in and to the assets described in the Sale Agreement (the 'Purchased Assets') · asset sale · agreement 26 Jul 2017 | not stated | Approved2 Aug 2017 | Approval and Vesting Order – dated August 2,… |
As at 30 Jun 2017 · per unaudited · entity: WCI Westervelt College Inc. — Includes Interco Payables (advances/amounts owing to parent company/affiliates) of $2,798,596 and WCI Earn Out Payable of $24,701 within long-term liabilities; balance sheet is unaudited management-prepared statement (Appendix C).
| Date | Document | File |
|---|---|---|
Approval and Vesting Order – dated August 2, 2017
| ||
| Endorsement – dated August 2, 2017 | ||
Order (appointing Receiver) – dated August 2, 2017
| ||
Report of Richter Advisory Group Inc. in its capacity as Proposed Receiver of WCI Westervelt College Inc. – dated August 1, 2017
| ||
Application Record – dated July 31, 2017
| ||
Filing titles, dates, and extracted key facts are public.
CiteProceedings., “WCI Westervelt College Inc” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 20 September 2026, https://proceedings.ca/case/wci-westervelt-college-inc
Sources last checked · summary updated 24 August 2026 · Report a correction · Printed from proceedings.ca/case/wci-westervelt-college-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.