#Sale
Approval and vesting order granted: the Lifespan asset purchase agreement was approved, with the Purchased Assets to vest free of encumbrances on delivery of the Receiver's Certificate, closing within 30 days.
Wrkout Holdings Ltd., 1145643 B.C. Ltd. and Innovative Fitness Canada Ltd.
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- Proceeding
- Receivership (court-appointed)Section 243(1) of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended (the "BIA") and Section 39 of the Law and Equity Act, R.S.B.C. 1996 c. 253, as amended
- File
- S-264685
- Industry
- Hospitality & leisure · Recreation & fitness
OverviewSummary updated
Wrkout Holdings Ltd., 1145643 B.C. Ltd. and Innovative Fitness Canada Ltd. have been in court-appointed receivership in the Supreme Court of British Columbia since July 16, 2026, under s. 243 of the BIA. The Receiver has continued the franchised fitness studio business, with 12 employees and one corporate-owned Toronto studio, while running a sale and investment solicitation process approved on August 13, 2026 over a stalking horse credit bid from Lifespan Holdings Inc. of $2.0 million plus priority payables and cure costs to a maximum of $50,000. The process drew no bids, and on September 24, 2026 the Court approved the sale to Lifespan and ordered the Purchased Assets, including the Wrkout Equity Interests, to vest on delivery of the Receiver's Certificate. The outside date is October 30, 2026.
Proceedings AIAsk this case — answers cite the filings
Case updates12 dated entries
#Report
Second Report of the Receiver reported receipts of $556,000 and disbursements of $353,000 for July 16 to September 15, approximately $203,000 cash remaining, and recommended the Lifespan credit bid.
Source: Second Report of the Receiver
#Filing
Notice of Application re. Approve Transaction under Lifespan APA — Application / notice of application
#Order
Court approved the SISP and accepted the August 6, 2026 Lifespan Holdings Inc. agreement solely as a stalking horse bid, reserving transaction approval for a later application.
Source: SISP Order
#Report
The officer filed report no. First Report. The business (one corporate-owned and nine franchised premium fitness studios) continues to operate under the Receiver's oversight, with daily meetings with Management and review of operating disbursements, while a stalking horse sale and investment solicitation process is launched; all employees are to be terminated before closing.
Source: First Report of the Receiver
#Order
The court appointed FTI Consulting Canada Inc. as Receiver and Manager, on the application of LIFESPAN HOLDINGS INC.. Court file S-264685.
Source: Receivership Order
AnalysisAll insights
Outcome brief
Innovative Fitness: three NDAs, no LOI, and the lender's $2 million credit bid
Lifespan Holdings took an assignment of the Innovative Fitness loan on June 12 and had FTI appointed receiver on July 16. A canvass of 36 parties drew three NDAs and no letter of intent, and on September 24 the court approved Lifespan's $2.0 million credit bid for the franchisor's shares, the brand's trademarks and the franchise agreements.
Parties
Debtor
Wrkout Holdings Ltd., 1145643 B.C. Ltd. and Innovative Fitness Canada Ltd.
Receiver
FTI
Capital structureAs asserted in the filings
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Lifespan Holdings Inc.as of Receivership Date (July 16, 2026) — PPSA financing statement base registration no. 544550Q (registered July 31, 2024) against each of the three Debtors: all present and after-acquired personal property plus an uncrystallized floating charge on land. Senior secured lender. Also holds security (Purchaser Security) over assets of Wrkout Media Ltd. — Amount stated as 'approximately $3.3 million' for funds advanced to revitalize the business and expand the franchise network. Receiver's counsel (Norton Rose Fulbright) opined the security is valid and enforceable, subject to standard qualificat | $3.3M | Notice of Application re. Approve Transaction under Lifespan APA |
| 4 | Secured | |||
| 4 | Secured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
20 more claims in 2 classes The stack holds Secured and Unsecured claims.
Every creditor and every amount, drawn to scale.
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See all plansSale processAs stated in the filings
Sale approved — Court approved the Asset Purchase Agreement between the Receiver and Lifespan Holdings Inc. and authorized vesting of the Purchased Assets in the Purchaser upon delivery of the Receiver's Certificate.Order (Approval and Vesting Order) · 24 Sep 2026
| Purchaser | Price | Status | Source |
|---|---|---|---|
| Lifespan Holdings Inc.the Assets as defined and described in the Sale Agreement (the 'Purchased Assets'), including the Wrkout Equity Interests · asset sale · agreement 6 Aug 2026 | Subscribers | Approved24 Sep 2026outside 30 Oct 2026 | Order (Approval and Vesting Order) |
Closing termsVesting occurs upon delivery by the Receiver to the Purchaser of the Receiver's Certificate; the Receiver may extend the Closing Date with the Purchaser's consent provided closing occurs within 30 days of the order.Order (Approval and Vesting Order)
Estate financialsReported figures — never derived
Total assets at filing
As at ·
Cumulative receipts
$556K
As at 15 Sep 2026Second Report of the Receiver
Cumulative disbursements
As at
Cash on hand
As at
Professional fees
As at
3 more reported figures, and the total the debtor stated at filing
Each one as the filing states it, with its source.
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See all plansDocuments
12 filings
| Date | Document | File |
|---|---|---|
Order (Approval and Vesting Order)
| PDF · Subscribers | |
Notice of Application re. Approve Transaction under Lifespan APA
| PDF · Subscribers | |
Second Report of the Receiver
| PDF · Subscribers | |
SISP Order
| PDF · Subscribers | |
First Report of the Receiver
| PDF · Subscribers | |
| Notice of Application re. SISP | PDF · Subscribers | |
List of Known Creditors
| PDF · Subscribers | |
Notice to Creditors
| PDF · Subscribers | |
Receivership Order
| PDF · Subscribers | |
| Affidavit #1 of S. Danielisz | PDF · Subscribers | |
| Affidavit #1 of T. Holland | PDF · Subscribers | |
Petition - Lifespan Holdings Inc.
| 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., “Wrkout Holdings Ltd., 1145643 B.C. Ltd. and Innovative Fitness Canada Ltd.” (Receivership (court-appointed)), Supreme Court of British Columbia. Retrieved 25 October 2026, https://proceedings.ca/case/innovative-fitness-canada-ltd