Trustee KPMG Assessing Assets of Shut Down ILAC International College
What happened
ILAC Education Group, which included International Language Academy of Canada and ILAC International College, ceased operations and cancelled programs with immediate effect on September 18. José Carlos Chávez contacted KPMG regarding the assets of ILAC International College in Vancouver. Chávez was pursuing a Sales and Marketing diploma and had paid nearly CAD$14,000 toward the education. KPMG is assessing the company’s assets, but Chávez stated he did not expect a distribution to unsecured creditors.
From thepienews.com
Why it matters
The events relate to the bankruptcy proceedings of the college, for which KPMG serves as the appointed Insolvency Trustee. This situation involves the management of a private institution's assets following its operational failure.
KPMG was appointed as Insolvency Trustee for the International Language Academy of Canada, which operates campuses in Vancouver and is based in Toronto.
From thepienews.com
Who's involved
- KPMGProvider of audit, legal, tax advisory, financial, and business advisory services and appointed Insolvency Trustee.
- Flair AirlinesLow-cost airline that provided only partial travel credit for a canceled flight.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- Flair AirlinesSpeculative
Flair Airlines might incur costs due to providing only partial travel credit for the canceled flight.