Ontario · Bankruptcy
Trustee's Preliminary Report - Tamwood Intl College - 2026.10.19
Court officer report · 19 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 filing7 verified
- cash on handnote: Cash on hand at the Bankruptcy Date, of which the Trustee has taken possession. (Unaudited balance sheet separately shows cash of $245K as at August 31, 2026.) · as at: 2026-10-01 · amount: 29000 · currency: CAD · qualifier: approximately
- financial positionnote: Figures reported in $000s (593 and 3,339); shareholders' equity deficiency of (2,745). Report separately states Tamwood is also a guarantor of a secured debt facility of approximately $133.1 million as at August 31, 2026 (ILAC credit agreement). Trustee notes standalone entity results can be misleading due to year-to-year differences in company-wide expense allocation. · as at: 2026-08-31 · basis: Unaudited balance sheet summary from Tamwood's books and records; book value · scope: Tamwood International College Ltd. (single entity, standalone) · currency: CAD · total assets: 593000 · total liabilities: 3339000
- operational summaryCamps ceased operations on the Bankruptcy Date, while the Trustee has retained GO's two employees and is pursuing a going-concern sale of the GO business through a stalking horse process.
- professional feesnote: This is a third-party guarantee held by the ILAC Trustee to cover professional fees and disbursements for statutory BIA work should estate funds be insufficient — not fees incurred to date. It is shared across ILAC and its bankrupt subsidiaries, and payments under it are held in a segregated account. · party: Trustee of ILAC (and any other bankrupt subsidiaries such as Tamwood), including legal counsel · amount: 455000 · currency: CAD
- recovery outcomeentries: basis: estimated · quote: The Trustee anticipates that the secured creditors will suffer a material shortfall in the Bankruptcy Proceedings and that there will be no distribution to unsecured creditors. · pct of: unstated · outcome: shortfall · class key: secured · stated by: trustee · class label: secured creditors · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: The Trustee anticipates that the secured creditors will suffer a material shortfall in the Bankruptcy Proceedings and that there will be no distribution to unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2026-10-19 · table missing:
- report date19 October 2026
- report noTrustee's Report to the First Meeting of Creditors on Preliminary Administration