Quebec · CCAA
First Report to the Court submitted by Deloitte Restructuring Inc. in its Capacity as Proposed Monitor
Pre-filing report · 23 August 2026
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What we verified from this filing7 verified
- financial positionnote: Total liabilities figure of $50,513,000 differs from the $50.5 million approximate figure used in prose (paragraph 38) for unsecured creditors; net assets deficit of $(21,056,000) as at June 30, 2026 vs $(4,545,000) as at June 30, 2025 · page: 7 · as at: 2026-06-30 · basis: Unaudited balance sheet prepared with financial information provided by the Company and formatted by Deloitte; note that penalties totaling approximately $29.9 million from the Ministry in 2025 have not been totally recorded in the financial statements - only approximately $11 million was recorded · scope: LaSalle College (Debtor) only, not consolidated with LCI Group · currency: CAD · total assets: 29457000 · total liabilities: 50513000
- unsecured creditorsnote: Component of $50.5 million total unsecured liabilities; do not sum independently · page: 8 · as of: 2026-06-30 · basis: LaSalle College's books and records · amount: 2700000 · debtor: Collège LaSalle · creditor: Trade payables and accrued expenses · currency: CAD
- unsecured creditorsnote: Component of $50.5 million total unsecured liabilities · page: 8 · as of: 2026-06-30 · basis: LaSalle College's books and records · amount: 8700000 · debtor: Collège LaSalle · creditor: Deferred revenues (student advance payments) · currency: CAD
- unsecured creditorsnote: Component of $50.5 million total unsecured liabilities · page: 8 · as of: 2026-06-30 · basis: LaSalle College's books and records · amount: 5000000 · debtor: Collège LaSalle · creditor: Salaries and benefits accruals · currency: CAD
- unsecured creditorsnote: Component of $50.5 million total unsecured liabilities · page: 8 · as of: 2026-06-30 · basis: LaSalle College's books and records · amount: 1700000 · debtor: Collège LaSalle · creditor: Others (unsecured, miscellaneous) · currency: CAD
- unsecured creditorsnote: Component of $50.5 million total unsecured liabilities; includes disputed Bill 96 penalties of approximately $29.9 million (only ~$11 million recorded in financial statements per Proposed Monitor) and subsidy clawback of $17.3 million for 2025/2026; disputed by Debtor via judicial review application (court file 500-17-130879-243) · page: 8 · as of: 2026-06-30 · basis: LaSalle College's books and records · amount: 32400000 · debtor: Collège LaSalle · creditor: Subsidies payable (Ministry of Higher Education / Quebec Government) · currency: CAD
- secured creditors