EC Vancouver Language Centre Ltd. and EC Toronto Language Centre Ltd., the Canadian operations of international language education provider EC English, have entered bankruptcy following the group’s abrupt closure of its worldwide schools in September, leaving the two Canadian entities with combined liabilities exceeding $36 million and only a fraction of that amount in reported assets.
The companies’ statements of affairs disclose approximately $19.7 million in liabilities at Toronto and $16.8 million at Vancouver, against estimated assets of approximately $28,125 and $20,153, respectively. Neither statement identifies any material secured indebtedness. Instead, the creditor schedules show that the overwhelming majority of liabilities…