Ontario · Bankruptcy
Trustee's Preliminary Report - ILAC Intl College (BC) - 2026.10.09
Court officer report · 9 October 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 filing6 verified
- cash on handnote: Cash on hand as at the Bankruptcy Date (September 22, 2026); the Trustee has taken possession of the cash. The August 31, 2026 balance sheet showed cash of $67,000. · as at: 2026-09-22 · amount: 96000 · currency: CAD · qualifier: approximately
- financial positionnote: Source table is in $000s CAD (Total Assets 230; Total Liabilities 1,326; Shareholders Equity (Deficiency) (1,096)). Assets consist of Cash 67 and Accounts Receivable 163; the accounts receivable primarily relate to deferred student revenue that will not be provided and is therefore uncollectable. Separately, ILAC BC is a guarantor of a secured debt facility with an outstanding balance of approximately $133.1 million as at August 31, 2026. · as at: 2026-08-31 · basis: Unaudited balance sheet summary based on the books and records of ILAC BC; stated as book value ("the book value of ILAC BC's total assets was approximately $230,000") · scope: Single entity: ILAC International College (BC) Ltd. (not consolidated with parent or affiliates) · currency: CAD · total assets: 230000 · total liabilities: 1326000
- operational summaryILAC 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.
- professional feesnote: No fee amount incurred is stated. The Trustee of ILAC holds a third-party guarantee of $455,000 to cover professional fees and disbursements of the Trustee and counsel for ILAC and its bankrupt subsidiaries (including ILAC BC) should insufficient estate funds be available. · party: Trustee (KPMG Inc.) and legal counsel (Gowlings WLG) · currency: CAD
- recovery outcomeentries: basis: estimated · quote: The Trustee does not anticipate any distribution to unsecured creditors in the Bankruptcy Proceedings. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2026-10-09 · table missing:
- report date9 October 2026