Flow Beverage Corp. (TSX:FLOW) and related entities
Follow- Proceeding
- Receivership (court-appointed)section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act
- File
- CV-25-00750817-00CL
- Industry
- Manufacturing · Food & beverage manufacturing
Flow Beverage Corp. (TSX:FLOW) and related entities have been in court-appointed receivership under section 243 of the Bankruptcy and Insolvency Act since September 4, 2025. Unaudited interim financial statements as at April 30, 2025 showed consolidated assets of $68,864 thousand against liabilities of approximately $121.3 million, including $26.1 million of unsecured trade payables and $37.6 million of lease obligations, negative shareholders' equity of $52.4 million, and current liabilities exceeding current assets by approximately $65.2 million. Senior secured indebtedness as at September 15, 2025 totalled approximately $72,294,027, owed to NFS Leasing Canada Ltd. ($57,915,928) and RI Flow LLC ($13,712,928), the latter a related party through Cliff Rucker, who holds a 13.3% equity interest in the parent. The Receiver's report contemplates a transaction under a Subscription Agreement with a purchaser.
A claims procedure has been established — see the order for deadlines.
The court granted a reverse vesting order in favour of RI WaterCo ULC.
Source: Reverse Vesting Order
2446692 Ontario Ltd – Notice and statement of the Receiver — Notice of receiver (s. 245 / Form 87)
Flow Beverage Corp – Notice and Statement of the Receiver — Notice of receiver (s. 245 / Form 87)
Flow Beverages Inc – Notice and Statement of the Receiver — Notice of receiver (s. 245 / Form 87)
Flow Glow Beverages Inc – Notice and Statement of the Receiver — Notice of receiver (s. 245 / Form 87)
The court appointed Richter Inc. as receiver, on the application of RI FLOW LLC and NFS LEASING CANADA LTD.. Court file CV-25-00750817-00CL.
Source: Order (appointing Receiver)
Proof of Claim (only to be used for the Wage Earner Protection Program) — Proof of claim (blank form)
Debtor
Flow Beverage Corp. (TSX:FLOW) and related entities
Applicant
RI Flow,NFS Leasing Canada
Receiver
Richter
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Osborne | Ontario Superior Court of Justice | 4 orders, Sep 2025 – Oct 2025 | 168 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ApplicantRI Flow,NFS Leasing Canada | Miller Thomson LLP | 3 Sep 2025 | Factum · 3 Sep 2025 |
| DebtorFlow Beverage Corp. (TSX:FLOW) and related entities | Stikeman Elliott LLP | 6 Oct 2025 | Service list · 6 Oct 2025 |
| CreditorBeatbox Beverages Canada, Inc | Thornton Grout Finnigan LLP | 6 Oct 2025 | Service list · 6 Oct 2025 |
| CreditorHighspring Talent Solutions Toronto Inc | Miller Thomson LLP | 6 Oct 2025 | Service list · 6 Oct 2025 |
| CreditorK&V Pallets Inc | Fogler, Rubinoff LLP | 6 Oct 2025 | Service list · 6 Oct 2025 |
| CreditorR.R | Charness, Charness & Charness LLP | 6 Oct 2025 | Service list · 6 Oct 2025 |
| CreditorTetra Pak Canada Inc | Osler, Hoskin & Harcourt LLP | 6 Oct 2025 | Service list · 6 Oct 2025 |
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | NFS Leasing Canada Ltd. (Senior Term Loan) · in 2 casesTerm Loan and Security Agreement dated December 30, 2022; general security interest over Borrower's personal property/assets; cross-guaranteed by Flow Beverages Inc., Flow Glow Beverages Inc., Flow Water Inc. and 2446692 Ontario Limited; Flow Beverage Corp. also pledged shares of Flow Water Inc. under a Securities Pledge Agreement dated December 30, 2022. — Balance at Oct 31, 2024 was $12,812,571 ($802,617 current + $12,009,954 non-current); by Jan 31, 2025 entire balance classified current. Loan Documents definitions also reference a separate 'Senior Credit Agreement'/'Senior Lender' distinct · as of 31 Jan 2025 | $12.4M | Application Record – (Volume 2 of 2) |
| Secured | |||
| Secured | |||
| Secured | |||
| Secured | |||
| Secured | |||
| Secured | |||
| Secured | |||
| Secured | |||
| Secured |
11 more claims in 1 class The stack holds Secured claims.
Every creditor and every amount, drawn to scale.
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See all plansApproval pending — Subscription Agreement amended; motion to approve transaction and Reverse Vesting Order scheduledSupplement to the First Report of Richter Inc. · 1 Oct 2025
| Purchaser | Price | Status | Source |
|---|---|---|---|
| RI WaterCo ULCthe New Shares · share subscription · ResidualCo: 1001370038 Ontario Inc. · agreement 15 Sep 2025 | Subscribers | Closed7 Oct 2025 | Receivers Certificate |
As at ·
The 2 totals the debtor stated at filing
Each one as the filing states it, with its source.
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See all plans| Date | Document | File |
|---|---|---|
Receivers Certificate
| PDF · Subscribers | |
Service List- updated October 6, 2025
| PDF · Subscribers | |
Ancillary Order
| PDF · Subscribers | |
Endorsement
| PDF · Subscribers | |
Reverse Vesting Order
| PDF · Subscribers | |
| Factum of the Receiver | PDF · Subscribers | |
Supplement to the First Report of Richter Inc.
| PDF · Subscribers | |
Notice – Letter to Creditors of Flow water Inc.
| PDF · Subscribers | |
| Motion Record of the Receiver | PDF · Subscribers | |
First Report of Richter Inc.
| PDF · Subscribers | |
| Flow Beverage Corp. FFCTO Order | PDF · Subscribers | |
| 2446692 Ontario Ltd – Notice and statement of the Receiver | PDF · Subscribers | |
| Flow Beverage Corp – Notice and Statement of the Receiver | PDF · Subscribers | |
| Flow Beverages Inc – Notice and Statement of the Receiver | PDF · Subscribers | |
| Flow Glow Beverages Inc – Notice and Statement of the Receiver | PDF · Subscribers | |
| Flow Water Inc. – Notice and Statement of the Receiver | PDF · Subscribers | |
| Flow Letter To Employees | PDF · Subscribers | |
| Letter to employees | PDF · Subscribers | |
| Letter to customers | PDF · Subscribers | |
| Letter to suppliers | PDF · Subscribers | |
Order (appointing Receiver)
| PDF · Subscribers | |
| Proof of Claim (only to be used for the Wage Earner Protection Program) | PDF · Subscribers | |
Factum of the Applicants
| PDF · Subscribers | |
Application Record – (Volume 1 of 2)
| PDF · Subscribers | |
Application Record – (Volume 2 of 2)
| PDF · Subscribers | |
Filing titles and dates are public, and so is each filing's own page. The figures read from them are for subscribers.
CiteProceedings., “Flow Beverage Corp. (TSX:FLOW) and related entities” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 4 November 2026, https://proceedings.ca/case/flow-beverage-corp-tsx-flow-and-related-entities