Court Order re Distribution and Fee Approval dated September 22, 2026 — Distribution order
Iovate Health Sciences
Follow- Proceeding
- CCAACompanies' Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended
- Court
- Ontario Superior Court of Justice · Commercial List
- File
- BK-25-03268936-0031
Iovate Health Sciences International Inc. and affiliates Xiwang Iovate Holdings Company Limited, Iovate Health Sciences U.S.A. Inc., Iovate Health Sciences Australia Pty Ltd and Northern Innovations Holding Corp. obtained CCAA protection from the Ontario Superior Court of Justice (Commercial List) on October 31, 2025 in court file BK-25-03268936-0031. The Iovate Group sells health and nutrition products in Canada, the United States and internationally; a parallel Chapter 15 proceeding is being monitored. An amended and restated initial order and a sale and investment solicitation process were approved on November 28, 2025, and a reverse vesting order granted April 16, 2026 approved a transaction with 1001542267 Ontario Inc. The transaction closed May 27, 2026; the Monitor, AlixPartners Restructuring, Inc. (formerly KSV Restructuring Inc.), distributed approximately US$87.1 million to the Administrative Agent from US$90 million of cash proceeds and retained a US$1.9 million Administrative Reserve. It seeks a stay extension to October 30, 2026 for Potential D&O Claims and winddown.
The officer filed report no. Sixth Report. Residual Co. is the only remaining Applicant; it is not an operating entity and has no employees. Following the May 27, 2026 closing of the going-concern sale, the proceedings are winding down, with the WEPP relief adjourned and a stay extension sought pending an Ontario Court of Appeal leave decision.
Order granted six days after delivery of the Fifth Report, which sought relief addressing Potential D&O Claims and completion of winddown activities.
Fifth Report reported the Transaction closed May 27, 2026, a distribution of approximately US$87.1 million to the Administrative Agent from US$90 million of proceeds, a US$1.9 million Administrative Reserve, and sought a stay extension to October 30, 2026.
A distribution was authorized.
Source: Distribution, Stay Extension and Ancillary Relief Order dated April 16, 2026
Reverse vesting order approved the transaction with purchaser 1001542267 Ontario Inc., with 2807727 Alberta Ltd. serving as ResidualCo and added as an applicant.
Source: Approval and Reverse Vesting Order dated April 16, 2026
Fourth Report reported on SISP activities including management presentations and negotiation of the Subscription Agreement, the fiscal 2025 audit, dealings with the Administrative Agent and a cash flow forecast; Confidential Appendices 1 and 2 are sealed.
Motion Record of the Monitor re Sale Approval and Distribution dated April 9, 2026 — Application / notice of application
Second order dated February 2, 2026, more than a month before the March 9, 2026 bid deadline of 5:00 p.m.
Source: Court Order re Incentive Payments KERP and Sealing Order dated February 2, 2026
One of two orders bearing the date February 2, 2026, made during the SISP bidding period.
Source: Court Order re Principal Payments dated February 2, 2026
Order granted six days after the SISP Phase 1 deadline and ahead of the March 9, 2026 bid deadline.
Source: Stay Extension and Ancillary Relief Order dated January 29, 2026
Third Report of the Monitor filed on January 23, 2026, the date of the SISP Phase 1 deadline of 5:00 p.m.
Motion Record (Stay Extension and Ancillary Relief) dated January 23, 2026 — Application / notice of application
Order granted on December 12, 2025, the date to which the stay of proceedings under the Initial Order then ran.
Source: Enhanced Monitor Powers Order dated December 12, 2025
Second Report covered the period since the November 28 orders: assisting management with day-to-day operations, monitoring the Chapter 15 proceedings and refining the applicants' cash flows.
Motion Record of the Monitor Enhanced Monitor Powers dated December 9, 2025 — Application / notice of application
The stay of proceedings was extended to 2026-01-30.
Source: Amended and Restated Initial Order dated November 28, 2025
Amended and restated initial order and SISP Order granted, approving the sale and investment solicitation process and charges ranking first an Administrative Professionals Charge of $750,000 and second a Directors' Charge of $1,310,000.
Further Monitor's report filed the day before the November 28, 2025 hearing at which the amended and restated initial order and the SISP Order were granted.
Source: Supplement to the First Report of the Monitor dated November 27 2025
First Report of the Monitor set out activities since the October 30, 2025 pre-filing report: stakeholder communications, Chapter 15 monitoring, SISP design, engagement letter negotiation, CCAA notice mailing, case website and Globe and Mail publication.
Motion Record of the Applicants re SISP Order and ARIO dated November 20, 2025 — Application / notice of application
Amended Order Granting Motion for Recognition as Foreign Main Proceeding dated November 12, 2025 — Application / notice of application
Further order made on the first business day after the Initial Order; the typed record attributes no particular relief to it.
Motion Record of the Moving Party - Xiwang Foodstuffs Co. Ltd. dated November 2, 2025 — Application / notice of application
Initial order granted CCAA protection to the five Iovate applicants, with the stay of proceedings running to December 12, 2025 and KSV Restructuring Inc. appointed Monitor.
The officer filed report no. Fourth Report. Since the NOI filing the NOI Applicants have stabilized operations, maintained supply relationships and continued normal business activities, and are seeking to continue under the CCAA to run a sale and investment solicitation process (SISP) to pursue a going-concern transaction.
Source: Fourth Report of the Proposal Trustee dated October 30, 2025
Motion Record of the Iovate Group dated October 29, 2025 — Application / notice of application
Orgain's Supplemental Limited Objection to the Motion for Recognition dated October 27, 2025 — Application / notice of application
The officer filed report no. Third Report. Since the NOI filings the applicants, with the Proposal Trustee's help, have stabilized operations, maintained supply relationships and continued normal business activities, while settling the dispute with logistics provider Kenco and transitioning fulfillment to a new third-party logistics provider.
Source: Third Report of the Proposal Trustee dated October 15, 2025
Motion Record of the Iovate Entities re Approval of Settlement Agreement returnable October 17, 2025 — Application / notice of application
Motion Record of the Iovate Entities re Extension to File Proposal dated September 30, 2025 — Application / notice of application
Memorandum Opinion Granting Motion for Provisional Relief dated September 12, 2025 — Application / notice of application
Ex Parte Motion for Entry of Order dated September 9, 2025 — Application / notice of application
Motion for Joint Administration dated September 9, 2025 — Application / notice of application
Motion for Order Scheduling Recognition Hearing dated September 9, 2025 — Application / notice of application
Motion for Recognition of Foreign Main Proceeding dated September 9, 2025 — Application / notice of application
Motion Record of the Iovate Entities dated September 6, 2025 — Application / notice of application
Certificate for the Notice of Intention - 31-3268936 - Iovate Health Sciences International Inc. — NOI certificate of filing
Certificate for the Notice of Intention - 31-3268942 - Iovate Health Sciences U.S.A., Inc. — NOI certificate of filing
Certificate for the Notice of Intention - 31-3268971 - Northern Innovation Holding Corp. — NOI certificate of filing
Guide
CCAA vs bankruptcy vs receivership: what's the difference in Canada
When a Canadian company can't pay its debts, it can restructure under the CCAA or a proposal, its lender can put in a receiver, or it can go bankrupt. Who controls the business on each route, who decides, how long it takes and what creditors get, drawn from the court record.
Outcome brief
Iovate: the directors are released and the holdback goes to the lenders
On September 22, 2026 Justice Dietrich released the CAD$1,310,000 directors' charge and the directors and officers themselves without a claims process, applying the Lydian factors, and let the monitor pay the charge holdback and most of a US$1,900,000 wind-down reserve to Royal Bank of Canada for a syndicate still owed more than US$26.2 million.
Case update
Iovate: the directors' charge comes off without a claims process
With the MuscleTech and Hydroxycut business sold under a reverse vesting order and US$87.1 million paid to the syndicate, the monitor asks the court on September 22 to release the CAD$1,310,000 directors' charge without running a claims process, cut the administrative reserve to US$550,000 and send the rest to the lenders, who are still owed more than US$26.2 million.
Debtor
Iovate Health Sciences
Monitor
KSV
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Dietrich | Ontario Superior Court of Justice | 9 orders, Sep 2025 – Sep 2026 | 132 cases on record |
| Justice Cavanagh | Ontario Superior Court of Justice | 6 orders, Nov 2025 – Apr 2026 | 318 cases on record |
| Justice Dunphy | Ontario Superior Court of Justice | 3 orders, Feb 2026 | 93 cases on record |
| Justice Kimmel | Ontario Superior Court of Justice | 2 orders, Jan 2026 | 198 cases on record |
| Justice Black | Ontario Superior Court of Justice | 2 orders, Oct 2025 | 198 cases on record |
| Justice Conway | Ontario Superior Court of Justice | 2 orders, Oct 2025 | 310 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| MonitorKSV | Osler, Hoskin & Harcourt LLP | 11 Dec 2025 | Factum · 11 Dec 2025 |
| ApplicantIovate Health Sciences | Chaitons LLP · Pachulski Stang Ziehl & Jones LLP | 8 Sep 2025 | Service list · 17 Feb 2026 |
| ApplicantMajority Shareholder of the Applicants | Bennett Jones LLP | 17 Feb 2026 | Service list · 17 Feb 2026 |
| Foreign representative | Pachulski Stang Ziehl & Jones LLP | 9 Sep 2025 | Application · 9 Sep 2025 |
| CreditorAlixPartners Restructuring, Inc | Osler, Hoskin & Harcourt LLP | 23 Jun 2026 | Factum · 23 Jun 2026 |
| CreditorAmazon Advertising LLC | Dentons Canada LLP | 17 Feb 2026 | Service list · 17 Feb 2026 |
| CreditorBoard of Directors of Xiwang Iovate Holdings Company Limited | Norton Rose Fulbright Canada LLP | 17 Feb 2026 | Service list · 17 Feb 2026 |
| CreditorCherry Pick Talent SEZC | Dentons Canada LLP | 24 Jun 2026 | Service list · 24 Jun 2026 |
| CreditorChunhua Jingxi (Tianjin) Investment Centre (Limited Partnership) | Aird & Berlis LLP | 17 Feb 2026 | Service list · 17 Feb 2026 |
| CreditorCommand Nutritionals | Lowenstein Sandler LLP | 17 Feb 2026 | Service list · 17 Feb 2026 |
| CreditorKenco Logistic Services LLC | Thornton Grout Finnigan LLP | 28 Oct 2025 | Service list · 28 Oct 2025 |
| CreditorKenco Logistic Services, LLC | No current counsel on the record; previously Gray Robinson LLP (last seen 17 Oct 2025) | 17 Oct 2025 | Application · 12 Oct 2025 |
| CreditorMajority Shareholder | Bennett Jones LLP | 24 Jun 2026 | Service list · 24 Jun 2026 |
| CreditorOrgain, Inc | Dentons Canada LLP Previously Davies Ward Phillips & Vineberg LLP (last seen 17 Feb 2026) | 17 Oct 2025 | Service list · 24 Jun 2026 |
| CreditorRadius Packaging Inc | Loopstra Nixon LLP | 17 Feb 2026 | Service list · 17 Feb 2026 |
| CreditorRoyal Bank of Canada, AS Administrative Agent | Blake, Cassels & Graydon LLP | 28 Oct 2025 | Service list · 28 Oct 2025 |
| CreditorValentine Enterprises, Inc | Cassels Brock & Blackwell LLP | 17 Feb 2026 | Service list · 17 Feb 2026 |
| CreditorWalmart Inc | Kutak Rock LLP | 17 Feb 2026 | Service list · 24 Jun 2026 |
| CreditorWesley Parris | Loopstra Nixon LLP | 17 Feb 2026 | Service list · 17 Feb 2026 |
| CreditorXiwang Foodstuffs (Qingdao) Co., Ltd | Bennett Jones LLP | 28 Oct 2025 | Service list · 28 Oct 2025 |
| CreditorXiwang Foodstuffs Co., Ltd | Bennett Jones LLP | 2 Nov 2025 | Application · 2 Nov 2025 |
| CreditorXw Foodstuffs Co., Ltd | Bennett Jones LLP | 28 Oct 2025 | Service list · 28 Oct 2025 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| Court-ordered charges | ||||
| 1 | Court-ordered charges | Directors' Charge — Second – Directors’ Charge (to the maximum amount of $1,310,000) | $1.31M | CCAA Initial Order dated October 31, 2025 |
| 1 | Court-ordered charges | |||
| Pre-filing debt | ||||
| 4 | Secured | |||
2 more claims in 2 classes The stack holds Court-ordered charges and Secured claims.
Every creditor and every amount, drawn to scale.
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See all plansSale closed — The Transaction closed on May 27, 2026Sixth Report of Monitor dated September 16, 2026 · 16 Sep 2026
| Purchaser | Price | Status | Source |
|---|---|---|---|
| 1001542267 Ontario Inc.the Chapter 15 Debtors' right, title, and interest in and to the Excluded Property · share subscription · ResidualCo: 2807727 Alberta Ltd. · agreement 2 Apr 2026 | Subscribers | Closed27 May 2026outside 3 Jun 2026 | Sixth Report of Monitor dated September 16, 2026 |
5 engagements · 3 firms — latest: Osler, Hoskin & Harcourt LLP, 1 Dec 2025 – 22 May 2026Fifth Report of the Monitor · 19 Jun 2026
| Firm | Period | Hours | Fees | Rates | Source |
|---|---|---|---|---|---|
| AlixPartners Restructuring, Inc.Monitor | the Period | — | — | Fifth Report of the Monitor · 19 Jun 2026 | |
| KSV Restructuring Inc.Monitorperiod 2 of 2 | to 30 Nov 2025Approved | — | — | Motion Record (Stay Extension and Ancillary Relief) · 23 Jan 2026 | |
| KSV Restructuring Inc.Monitorperiod 1 of 2 | the Period | — | — | Third Report of the Monitor · 23 Jan 2026 | |
| Osler, Hoskin & Harcourt LLPCounsel to the monitorperiod 2 of 2 | 1 Dec 2025 – 22 May 2026 | — | Fifth Report of the Monitor · 19 Jun 2026 | ||
| Osler, Hoskin & Harcourt LLPCounsel to the monitorperiod 1 of 2 | 4 Sep – 28 Nov 2025Approved | — | — | not stated | Motion Record (Stay Extension and Ancillary Relief) · 23 Jan 2026 |
5 blurred figures above
What each firm billed — each as the filing states it, with its source.
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See all plansAs at ·
Cumulative receipts
$18.1M USD
As at 9 Apr 2026Fourth Report of the Monitor dated April 9, 2026
Cash on hand
As at
Professional fees
As at
2 more reported figures, and 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 |
|---|---|---|
Court Order re Distribution and Fee Approval dated September 22, 2026
| PDF · Subscribers | |
Endorsement of Justice Dietrich dated September 22, 2026
| PDF · Subscribers | |
Factum of the Monitor re Distribution and Fee Approval dated September 20, 2026
| PDF · Subscribers | |
| Motion Record of the Monitor dated September 16, 2026 | PDF · Subscribers | |
Sixth Report of Monitor dated September 16, 2026
| PDF · Subscribers | |
Stay Extension Order dated June 25, 2026
| PDF · Subscribers | |
Service List as at June 24, 2026
| PDF · Subscribers | |
Factum of the Monitor dated June 23, 2026
| PDF · Subscribers | |
Fifth Report of the Monitor dated June 19, 2026
| PDF · Subscribers | |
| Motion Record of the Monitor dated June 19, 2026 | PDF · Subscribers | |
Monitor's Certificate dated May 27, 2026
| PDF · Subscribers | |
Order Grant Recognition dated May 7, 2026
| PDF · Subscribers | |
| Hearing Agenda dated May 4, 2026 | PDF · Subscribers | |
Reply Brief ISO Recognition dated May 4, 2026
| PDF · Subscribers | |
Approval and Reverse Vesting Order dated April 16, 2026
| PDF · Subscribers | |
Distribution, Stay Extension and Ancillary Relief Order dated April 16, 2026
| PDF · Subscribers | |
Endorsement of Justice Cavanagh dated April 16, 2026
| PDF · Subscribers | |
| Factum of the Monitor re ARVO and Ancillary Relief dated April 14, 2026 | PDF · Subscribers | |
Fourth Report of the Monitor dated April 9, 2026
| PDF · Subscribers | |
| Motion Record of the Monitor re Sale Approval and Distribution dated April 9, 2026 | PDF · Subscribers | |
| Reasons for Decision Sealing Order dated March 2, 2026 | PDF · Subscribers | |
Service as at February 17, 2026
| PDF · Subscribers | |
Court Order re Incentive Payments KERP and Sealing Order dated February 2, 2026
| PDF · Subscribers | |
Court Order re Principal Payments dated February 2, 2026
| PDF · Subscribers | |
Endorsement of Justice Dunphy dated February 2, 2026
| PDF · Subscribers | |
| Aide Memoire of the Monitor dated January 30, 2026 | PDF · Subscribers | |
Endorsement of Justice Kimmel dated January 29, 2026
| PDF · Subscribers | |
Stay Extension and Ancillary Relief Order dated January 29, 2026
| PDF · Subscribers | |
Factum (SARIO Stay Extension and Ancillary Relief Order) dated January 27, 2026
| PDF · Subscribers | |
Motion Record (Stay Extension and Ancillary Relief) dated January 23, 2026
| PDF · Subscribers | |
Third Report of the Monitor dated January 23, 2026
| PDF · Subscribers | |
Endorsement of Justice Dietrich dated December 12, 2025
| PDF · Subscribers | |
Enhanced Monitor Powers Order dated December 12, 2025
| PDF · Subscribers | |
Factum of the Monitor re Enhanced Monitor Powers dated December 11, 2025
| PDF · Subscribers | |
| Motion Record of the Monitor Enhanced Monitor Powers dated December 9, 2025 | PDF · Subscribers | |
Second Report of the Monitor dated December 9, 2025
| PDF · Subscribers | |
| Amended Notice of Motion dated November 28, 2025 | PDF · Subscribers | |
Amended and Restated Initial Order dated November 28, 2025
| PDF · Subscribers | |
Endorsement of Justice Cavanagh dated November 28, 2025
| PDF · Subscribers | |
| Factum of the Applicants re SISP Approval dated November 28, 2025 | PDF · Subscribers | |
SISP Approval Order dated November 28, 2025
| PDF · Subscribers | |
Supplement to the First Report of the Monitor dated November 27 2025
| PDF · Subscribers | |
First Report of the Monitor dated November 25, 2025
| PDF · Subscribers | |
| Motion Record of the Applicants re SISP Order and ARIO dated November 20, 2025 | PDF · Subscribers | |
| Amended Order Granting Motion for Recognition as Foreign Main Proceeding dated November 12, 2025 | PDF · Subscribers | |
CCAA Notice to Creditors dated November 7, 2025
| PDF · Subscribers | |
Endorsement of Justice Dietrich dated November 3, 2025
| PDF · Subscribers | |
Sealing Order dated November 3, 2025
| PDF · Subscribers | |
Motion Record of the Moving Party - Xiwang Foodstuffs Co. Ltd. dated November 2, 2025
| PDF · Subscribers | |
Statement of Law of the Moving Party - Xiwang Foodstuffs Co. Ltd. dated November 2, 2025
| PDF · Subscribers | |
CCAA Initial Order dated October 31, 2025
| PDF · Subscribers | |
Endorsement of Justice Dietrich dated October 31, 2025
| PDF · Subscribers | |
| Factum of the Applicants dated October 30, 2025 | PDF · Subscribers | |
Fourth Report of the Proposal Trustee dated October 30, 2025
| PDF · Subscribers | |
Motion Record of the Iovate Group dated October 29, 2025
| PDF · Subscribers | |
CCAA List of Creditors as at October 28, 2025
| PDF · Subscribers | |
| Orgain's Supplemental Limited Objection to the Motion for Recognition dated October 27, 2025 | PDF · Subscribers | |
Aide Memoire of Orgain Inc. dated October 17, 2025
| PDF · Subscribers | |
Court Order dated October 17, 2025
| PDF · Subscribers | |
Endorsement of Justice Black dated October 17, 2025
| PDF · Subscribers | |
| Aide Memoire of the NOI Applicants dated October 16, 2025 | PDF · Subscribers | |
| Factum of the NOI Applicants dated October 15, 2025 | PDF · Subscribers | |
Third Report of the Proposal Trustee dated October 15, 2025
| PDF · Subscribers | |
| Motion Record of Orgain, Inc. dated October 14, 2025 | PDF · Subscribers | |
Motion Record of the Iovate Entities re Approval of Settlement Agreement returnable October 17, 2025
| PDF · Subscribers | |
Court Order dated October 3, 2025
| PDF · Subscribers | |
Endorsement of Justice Conway dated October 3, 2025
| PDF · Subscribers | |
Second Report of the Proposal Trustee dated October 1, 2025
| PDF · Subscribers | |
| Factum of Iovate Entities dated September 30, 2025 | PDF · Subscribers | |
| Motion Record of the Iovate Entities re Extension to File Proposal dated September 30, 2025 | PDF · Subscribers | |
| Order Granting Provisional Relief as at September 19, 2025 | PDF · Subscribers | |
| Memorandum Opinion Granting Motion for Provisional Relief dated September 12, 2025 | PDF · Subscribers | |
| Notice of Recognition Hearing dated September 11, 2025 | PDF · Subscribers | |
| Order Setting Recognition Hearing dated September 11, 2025 | PDF · Subscribers | |
| Notice to Creditors dated September 10, 2025 | PDF · Subscribers | |
| Order Granting Joint Admin Motion dated September 10, 2025 | PDF · Subscribers | |
| Order Granting Provisional Relief dated September 10, 2025 | PDF · Subscribers | |
Court Order dated September 9, 2025
| PDF · Subscribers | |
Decalaration of Harvey Chaiton dated September 9, 2025
| PDF · Subscribers | |
Declaration of Wesley Parris dated September 9, 2025
| PDF · Subscribers | |
Endorsement of Justice Dietrich dated September 9, 2025
| PDF · Subscribers | |
| Ex Parte Motion for Entry of Order dated September 9, 2025 | PDF · Subscribers | |
| Motion for Joint Administration dated September 9, 2025 | PDF · Subscribers | |
| Motion for Order Scheduling Recognition Hearing dated September 9, 2025 | PDF · Subscribers | |
Motion for Provisional Relief dated September 9, 2025
| PDF · Subscribers | |
| Motion for Recognition of Foreign Main Proceeding dated September 9, 2025 | PDF · Subscribers | |
Factum of the Iovate Entities dated September 8, 2025
| PDF · Subscribers | |
First Report of the Proposal Trustee dated September 8 2025
| PDF · Subscribers | |
Motion Record of the Iovate Entities dated September 6, 2025
| PDF · Subscribers | |
| Certificate for the Notice of Intention - 31-3268936 - Iovate Health Sciences International Inc. | PDF · Subscribers | |
| Certificate for the Notice of Intention - 31-3268942 - Iovate Health Sciences U.S.A., Inc. | PDF · Subscribers | |
| Certificate for the Notice of Intention - 31-3268971 - Northern Innovation Holding Corp. | PDF · Subscribers | |
| Notice of 05-06-26 Hearing re Mtn. to Approve RVO | 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., “Iovate Health Sciences” (CCAA), Ontario Superior Court of Justice · Commercial List. Retrieved 4 November 2026, https://proceedings.ca/case/iovate-health-sciences