Ontario · Bankruptcy
Notice to Creditors - ILAC Intl College
Notice to creditors · 28 September 2026
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing19 verified
- financial positionnote: Liabilities: secured creditors $24,127.51; preferred $0.00; unsecured $135,221,601.80; contingent/trust claims $0.00. Estimated deficiency $135,221,601.80; surplus $0.00. Assets: cash on hand $7,129.76, accounts receivable $16,993.75, and nominal $1.00 values for prepaid expenses, intangibles, machinery/equipment/software and trade fixtures. Total amount of subscribed capital and amount paid on capital stated as $0.00. Reasons given for financial difficulty: foreign exchange fluctuations, legal matters, lack of working capital/funding, and legislated or regulatory restrictions (no details provided on these pages). · page: 2 · as at: 2026-09-22 · basis: Form 78 Statement of Affairs (Corporate Bankruptcy) "as stated and estimated by bankrupt/debtor" at the date of bankruptcy; assets shown at estimated realizable value · scope: ILAC International College Ltd. (the bankrupt entity); the list pages also reference International Language Academy of Canada Inc. in the trustee's signature block · currency: CAD · total assets: 24127.51 · total liabilities: 135245729.31
- unsecured creditorsnote: Only the larger itemised creditors are returned as entries; the remaining ~240 small claims (mostly agencies and resellers, many under $10,000) appear on pages 4-21 and are not individually reproduced. Not summed. The Statement of Affairs states total unsecured creditors of $135,221,601.80 and total liabilities of $135,245,729.31, with no preferred creditors, no contingent/trust claims, and an estimated deficiency of $135,221,601.80. · page: 2 · as of: 2026-09-22 · basis: Statement of Affairs (Form 78) as reported by the debtor; 255 creditors listed in total · debtor: ILAC International College Ltd. · creditor: Unsecured creditors — remaining trade, agency, reseller, vendor and employee creditors (itemised on Form 78 list of liabilities) · currency: CAD
- unsecured creditorsnote: Largest trade/agency creditor listed. · page: 5 · as of: 2026-09-22 · basis: Statement of Affairs (Form 78) as reported by the debtor; Agency · amount: 280666.24 · debtor: ILAC International College Ltd. · creditor: Applyboard (Easy Education Inc.) · currency: CAD
- unsecured creditorspage: 7 · as of: 2026-09-22 · basis: Statement of Affairs (Form 78) as reported by the debtor; Vendor · amount: 24002.41 · debtor: ILAC International College Ltd. · creditor: Complete Maintenance Solutions Ltd · currency: CAD
- secured creditorsnote: Listed by the debtor as a bank loan with the amount in the unsecured column and a deficit from security of -$40,325,291.16; no secured amount or asset is attached on the list. Same amount as the National Bank of Canada entry. Date given/incurred shown as 01-Jan-1899 (placeholder). Statement of Affairs as reported. · page: 8 · as of: 2026-09-22 · amount: 40325291.16 · debtor: ILAC International College Ltd. · creditor: Fédération des Caisses Desjardins du Québec · currency: CAD · security: Bank loan (except real property mortgage); no asset identified as securing the liability
- unsecured creditorspage: 8 · as of: 2026-09-22 · basis: Statement of Affairs (Form 78) as reported by the debtor; Agency · amount: 18395.1 · debtor: ILAC International College Ltd. · creditor: EDEX Education · currency: CAD
- unsecured creditorspage: 10 · as of: 2026-09-22 · basis: Statement of Affairs (Form 78) as reported by the debtor; Agency · amount: 17735.88 · debtor: ILAC International College Ltd. · creditor: Hi Bonjour · currency: CAD
- unsecured creditorspage: 10 · as of: 2026-09-22 · basis: Statement of Affairs (Form 78) as reported by the debtor; Vendor · amount: 23803.68 · debtor: ILAC International College Ltd. · creditor: ICS Clean Inc · currency: CAD
- unsecured creditorspage: 10 · as of: 2026-09-22 · basis: Statement of Affairs (Form 78) as reported by the debtor; Agency · amount: 21465.15 · debtor: ILAC International College Ltd. · creditor: Growpro Experience Enterprise Inc · currency: CAD
- unsecured creditorspage: 11 · as of: 2026-09-22 · basis: Statement of Affairs (Form 78) as reported by the debtor; Subtenant · amount: 450165 · debtor: ILAC International College Ltd. · creditor: International Business University · currency: CAD
- secured creditorsnote: Listed by the debtor as a bank loan with the amount in the unsecured column and a deficit from security of -$40,325,291.16; no secured amount or asset is attached on the list. Same amount as the Fédération des Caisses Desjardins du Québec entry. Date given/incurred shown as 01-Jan-1899 (placeholder). Statement of Affairs as reported. · page: 14 · as of: 2026-09-22 · amount: 40325291.16 · debtor: ILAC International College Ltd. · creditor: National Bank of Canada · currency: CAD · security: Bank loan (except real property mortgage); no asset identified as securing the liability
- unsecured creditorsnote: Second Paragon Security entry of $7,574.30 also listed (page 14). · page: 15 · as of: 2026-09-22 · basis: Statement of Affairs (Form 78) as reported by the debtor; Vendor · amount: 73000 · debtor: ILAC International College Ltd. · creditor: Paragon Security · currency: CAD
- unsecured creditorspage: 15 · as of: 2026-09-22 · basis: Statement of Affairs (Form 78) as reported by the debtor; Agency · amount: 15236.01 · debtor: ILAC International College Ltd. · creditor: On Education · currency: CAD
- unsecured creditorsnote: Address in New York; currency not separately stated on the list. · page: 16 · as of: 2026-09-22 · basis: Statement of Affairs (Form 78) as reported by the debtor; Credit card · amount: 31479.76 · debtor: ILAC International College Ltd. · creditor: Ramp Business Corporation · currency: CAD
- secured creditorsnote: Amount is the unsecured (deficit) portion as reported by the debtor on the Statement of Affairs; the secured portion ($24,127.51) is limited to the estimated realizable value of the assets securing the claim. Statement of Affairs as of the date of bankruptcy, 22 Sep 2026. Date given/incurred shown as 01-Jan-1899 (placeholder). Claim bifurcated secured/unsecured by security valuation. Security opinion not stated in these pages. · page: 17 · as of: 2026-09-22 · amount: 52396444.51 · debtor: ILAC International College Ltd. · creditor: The Bank of Nova Scotia · currency: CAD · security: Bank loan (except real property mortgage). Asset securing the liability per the list: cash on hand, accounts receivable, machinery and equipment, trade fixtures, intangible assets, other personal property (asset references 101, 1301, 1102, 1101, 502, 501). Estimated realizable value of those assets is $24,127.51; total claim stated as $52,420,572.02, of which $52,396,444.51 is the unsecured portion and $24,127.51 the secured portion.
- unsecured creditorsnote: Deferred revenue owed to students, not a trade debt. · page: 17 · as of: 2026-09-22 · basis: Statement of Affairs (Form 78) as reported by the debtor; Students deferred revenue · amount: 189719.86 · debtor: ILAC International College Ltd. · creditor: Students Deferred Revenue · currency: CAD
- unsecured creditorspage: 18 · as of: 2026-09-22 · basis: Statement of Affairs (Form 78) as reported by the debtor; Vendor · amount: 21484.26 · debtor: ILAC International College Ltd. · creditor: Travel Healthcare Insurance Solutions Inc. · currency: CAD
- unsecured creditorspage: 19 · as of: 2026-09-22 · basis: Statement of Affairs (Form 78) as reported by the debtor; Agency · amount: 66300.58 · debtor: ILAC International College Ltd. · creditor: Viajes y Viajes Experience · currency: CAD
- unsecured creditorspage: 21 · as of: 2026-09-22 · basis: Statement of Affairs (Form 78) as reported by the debtor; Subtenant · amount: 474792 · debtor: ILAC International College Ltd. · creditor: Yorkville University · currency: CAD