Ontario · Bankruptcy
Notice to Creditors - ILAC
Notice to creditors · 24 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 filing2 verified
- financial positionnote: Assets: cash on hand 1,027,232.16 and securities 6,900,000.00 (listed on page 3 as 'Securities - Investment', 100% interest); all other asset lines 0.00. Liabilities: secured creditors 7,927,232.16 (equal to total assets; the form does not name the secured creditor on the pages provided); preferred 0.00; unsecured 127,296,296.67; contingent/trust 0.00. Stated deficiency -127,296,296.67; the form also labels 127,296,296.67 as 'Surplus'. Reasons for financial difficulty ticked: negative market conditions, lack of working capital/funding, legislated or regulatory restrictions, poor financial performance. · page: 2 · as at: 2026-09-18 · basis: Form 78 Statement of Affairs (Corporate Bankruptcy), 'totals from the list of assets/liabilities as stated and estimated by bankrupt/debtor'; signed by Adam Shantz, dated 18-Sep-2026 · scope: International Language Academy of Canada Inc., single entity (Toronto, Ontario), as of the date of bankruptcy (assignment filed 18 September 2026) · currency: CAD · total assets: 7927232.16 · total liabilities: 135223528.83
- unsecured creditorsnote: Aggregate from the Statement of Affairs summary. The attached list of liabilities (pages 4-9 provided here, a partial extract) itemises mostly small reseller/vendor claims, each shown as unsecured with no secured, preferred or contingent amounts; this entry does not sum them. Preferred creditors reported as 0.00 and contingent/trust claims as 0.00. The summary page also shows Total liabilities of 135,223,528.83 and a 'Surplus' of 127,296,296.67 that equals the unsecured figure (the deficiency line shows -127,296,296.67); these are the document's own figures and are reproduced, not reconciled. · page: 2 · as of: 2026-09-18 · basis: Form 78 Statement of Affairs, line 3 'Unsecured creditors' (totals as stated and estimated by the bankrupt/debtor) · amount: 127296296.67 · debtor: International Language Academy of Canada Inc. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD