Ontario · Bankruptcy
Notice to Creditors - ILAC Intl College (BC)
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 filing9 verified
- financial positionnote: Reasons for financial difficulty ticked: foreign exchange fluctuations, legal matters, lack of working capital/funding, legislated or regulatory restrictions. Document is headed with Trustee of the Estate of International Language Academy of Canada Inc. in list footers, although the debtor named is ILAC International College (BC) Ltd. · page: 2 · as at: 2026-09-22 · basis: Form 78 Statement of Affairs (Corporate Bankruptcy), values as stated and estimated by the bankrupt/debtor; estimated realizable value. Assets: cash on hand $66,855.08 and accounts receivable $163,294.32. Liabilities: secured/unsecured creditors $134,264,028.22 plus $230,149.40 listed in a further column, total $134,494,177.62; stated deficiency $134,264,028.22. · scope: ILAC International College (BC) Ltd. (the bankrupt entity only) · currency: CAD · total assets: 230149.4 · total liabilities: 134494177.62
- unsecured creditorsnote: Individual smaller reseller claims are not itemised here. The full list is on pages 4-12 of the Statement of Affairs; the total of all liabilities is stated as $134,264,028.22 unsecured/secured column total and $134,494,177.62 total liabilities. · page: 4 · as of: 2026-09-22 · basis: Statement of Affairs as stated and estimated by the debtor; mostly 'Other - Reseller' claims of generally under $15,000 each, plus Ramp Business Corporation (credit card, $901.46) and others · debtor: ILAC International College (BC) Ltd. · creditor: Other trade creditors and resellers (109 entries total in list of liabilities, nos. 1-109) · currency: CAD
- unsecured creditorspage: 4 · as of: 2026-09-22 · basis: Statement of Affairs as stated and estimated by the debtor; reseller · amount: 13900 · debtor: ILAC International College (BC) Ltd. · creditor: ACN Southern Immigration and Education Services (Philippines) · currency: CAD
- secured creditorsnote: Amount identical to the National Bank of Canada entry (40,325,291.16), likely reflecting a shared syndicated facility; the document does not say so. Debtor's estimate per Statement of Affairs. · page: 7 · as of: 2026-09-22 · amount: 40325291.16 · debtor: ILAC International College (BC) Ltd. · creditor: Fédération des Caisses Desjardins Du Québec · currency: CAD · security: Listed as 'Bank Loans except real property mortgage', lender, date given/incurred 19-Mar-2013; no asset shown securing the liability; estimated deficit from security -40,325,291.16.
- secured creditorsnote: Amount identical to the Desjardins entry (40,325,291.16), likely reflecting a shared syndicated facility; the document does not say so. Debtor's estimate per Statement of Affairs. · page: 9 · as of: 2026-09-22 · amount: 40325291.16 · debtor: ILAC International College (BC) Ltd. · creditor: National Bank of Canada · currency: CAD · security: Listed as 'Bank Loans except real property mortgage', lender, date given/incurred 19-Mar-2013; no asset shown securing the liability; estimated deficit from security -40,325,291.16.
- unsecured creditorspage: 9 · as of: 2026-09-22 · basis: Statement of Affairs as stated and estimated by the debtor; reseller · amount: 12663.5 · debtor: ILAC International College (BC) Ltd. · creditor: Nestabroad Immigration Services Private Limited (CANADA) · currency: CAD
- unsecured creditorsnote: Aggregate of various students; no individual students named. · page: 10 · as of: 2026-09-22 · basis: Statement of Affairs as stated and estimated by the debtor; listed as nature 'Students Deferred Revenue' · amount: 1230785.88 · debtor: ILAC International College (BC) Ltd. · creditor: Students Deferred Revenue (various students) · currency: CAD
- secured creditorsnote: 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 shows $230,149.40 in that column. · page: 11 · as of: 2026-09-22 · amount: 52190422.62 · debtor: ILAC International College (BC) Ltd. · creditor: The Bank of Nova Scotia · currency: CAD · security: Listed 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).
- unsecured creditorspage: 11 · as of: 2026-09-22 · basis: Statement of Affairs as stated and estimated by the debtor; vendor · amount: 23059.06 · debtor: ILAC International College (BC) Ltd. · creditor: Travel Healthcare Insurance Solutions Inc. · currency: CAD