ILAC: five bankruptcies, and the same three banks in each

The list of creditors that KPMG enclosed with its notice of International Language Academy of Canada Inc.'s bankruptcy runs to 68 pages and 846 numbered entries. Most are claims of a few hundred or a few thousand dollars, many of them owed to businesses in Beijing, Seoul, Tokyo, Istanbul, Moscow, Bogotá and São Paulo, and most carry a single word in the column for details: "Reseller". Entry 307, an agency in Abidjan, is owed $7.00. Entry 815 is The Bank of Nova Scotia, owed $52,420,572.02, per the Notice to Creditors, Sept. 24, 2026, Statement of Affairs, pp. 9, 25, 39, 57, 61, 70.

The company filed an assignment, and its bankruptcy took effect at 2:48 p.m. on September 18, 2026, in the Toronto division, estate No. 31-3425631, and KPMG Inc. was appointed trustee, per the Certificate of Appointment (ILAC), Sept. 22, 2026. Two more companies followed on the afternoon of September 22, also in Toronto: ILAC International College Ltd. at 3:46 p.m., estate No. 31-3426960, and ILAC International College (BC) Ltd. at 3:49 p.m., estate No. 31-3426964, per the Certificate of Appointment (ILAC International College Ltd.), Sept. 22, 2026 and the Certificate of Appointment (ILAC International College (BC) Ltd.), Sept. 22, 2026. Tamwood Careers Ltd., of Vancouver, followed at 1:10 p.m. on September 23 in the Vancouver division, estate No. 11-3427606, per the Amended Certificate of Appointment (Tamwood Careers Ltd.), Sept. 23, 2026. Canadian Edge International Corp followed at 10:46 a.m. on September 25 in the Toronto division, estate No. 31-3428527, per the Certificate of Appointment (Canadian Edge International Corp), Sept. 29, 2026. KPMG is trustee of all five.

No court application, affidavit or trustee's report is in the record read for this piece. What it holds is the five certificates and, from KPMG, five creditor packages dated between September 24 and September 30, each enclosing a statement of affairs on Form 78 with a list of creditors and their claims "as per the Debtor's records," per the Notice of Bankruptcy, First Meeting of Creditors (ILAC), Sept. 24, 2026, para. 4.

Three banks, five lists

Each list carries the same three lenders at the same totals. The Bank of Nova Scotia, of 40 Temperance Street in Toronto, is owed $52,420,572.02; Fédération des Caisses Desjardins du Québec and National Bank of Canada are owed $40,325,291.16 each. All three are described as "Lender", and each claim is classed as a bank loan other than a real property mortgage, per the ILAC Statement of Affairs, pp. 25, 47, 61, items 312, 621, 815, the ILAC International College Ltd. Statement of Affairs, Sept. 22, 2026, pp. 8, 13, 17, the ILAC International College (BC) Ltd. Statement of Affairs, Sept. 22, 2026, pp. 6, 8, 9, the Tamwood Careers Ltd. Statement of Affairs, Sept. 22, 2026, pp. 4, 6, 7 and the Canadian Edge International Corp Statement of Affairs, Sept. 25, 2026, pp. 5, 8, 9, items 34, 78, 103.

In every estate the Bank of Nova Scotia is the only creditor shown as secured, and its row names every item on the company's asset list as securing it. Its secured portion equals the company's total listed assets: $7,927,232.16 at ILAC, $24,127.51 at ILAC International College Ltd., $230,149.40 at the BC company, $28,645.40 at Tamwood and $218,903.56 at Canadian Edge, with the balance of its $52,420,572.02 entered as unsecured. Desjardins and National Bank are entered as wholly unsecured in all five, per the ILAC Statement of Affairs, pp. 1, 61, the ILAC International College Ltd. Statement of Affairs, pp. 1, 17, the Tamwood Careers Ltd. Statement of Affairs, pp. 1, 7 and the Canadian Edge International Corp Statement of Affairs, pp. 1–2, 9. The BC company's statement gives March 19, 2013 as the date the three loans were given or incurred, per the ILAC International College (BC) Ltd. Statement of Affairs, pp. 1, 6, 8, 9. None of the five statements says on what basis each company owes the banks.

What the five companies held

ILAC's statement was verified on September 18. It lists $1,027,232.16 in cash and an item entered as "Securities - Investment" at $6,900,000.00, for total assets of $7,927,232.16; prepaid expenses, intangible assets, machinery, equipment and software, and trade fixtures are all entered at nil. The statement does not describe the investment further. Against those assets it sets $7,927,232.16 of secured claims and $127,296,296.67 of unsecured ones, $135,223,528.83 in all, and a deficiency of $127,296,296.67, per the ILAC Statement of Affairs, Sept. 18, 2026, pp. 1–2, 71.

The other four statements were verified in the name of "KPMG Inc. Trustee of the Estate of International Language Academy of Canada Inc.", three of them on September 22 and Canadian Edge's on September 25, and their asset lists are short. ILAC International College Ltd. lists $7,129.76 in cash, $16,993.75 in receivables and four items at $1.00 each, $24,127.51 in all, against liabilities of $135,245,729.31, per the ILAC International College Ltd. Statement of Affairs, pp. 1–2, 20. The BC company lists $66,855.08 in cash and $163,294.32 in receivables against $134,494,177.62, per the ILAC International College (BC) Ltd. Statement of Affairs, pp. 1–2, 11. Tamwood lists $12,727.21 in cash, $15,892.75 in receivables and trade fixtures at $25.44 against $133,433,885.31, per the Tamwood Careers Ltd. Statement of Affairs, pp. 1–2, 8. Canadian Edge lists $200,226.56 in cash, inventory at $18,675.00, and machinery and equipment and trade fixtures at $1.00 each, $218,903.56 in all, against $133,893,308.65, per the Canadian Edge International Corp Statement of Affairs, pp. 1–2, 10.