Proceedings.

Iovate Health Sciences

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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
Filings held90
Last activity16 Sep 2026
On the record325 days
Secured debt$116M
OverviewSummary updated

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.

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Case updates92 dated entries
#Report

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.

Source: Fifth Report of the Monitor dated June 19, 2026

#Report

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.

Source: Fourth Report of the Monitor dated April 9, 2026

#Order

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.

Source: SISP Approval Order dated November 28, 2025

#Report

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.

Source: First Report of the Monitor dated November 25, 2025

AnalysisAll insights⁠

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.

Parties

Debtor

Iovate Health Sciences

Monitor

KSV

Bench and counselPer the orders and service lists on the record

Bench

JudgeCourtOn this docketCases on record
Justice CavanaghOntario Superior Court of Justice4 orders, Nov 2025 – Apr 2026288 cases on record
Justice DietrichOntario Superior Court of Justice4 orders, Sep 2025 – Dec 2025109 cases on record
Justice DunphyOntario Superior Court of Justice3 orders, Feb 202674 cases on record
Justice DietrichOntario Superior Court of Justice3 orders, Sep 2025 – Dec 202589 cases on record
Justice KimmelOntario Superior Court of Justice2 orders, Jan 2026182 cases on record
Justice BlackOntario Superior Court of Justice2 orders, Oct 2025176 cases on record
1 more judge on the docket

Counsel of record

PartyCounselFirst seenSource
MonitorKSVOsler, Hoskin & Harcourt LLP11 Dec 2025Factum · 11 Dec 2025
ApplicantIovate Health SciencesChaitons LLP · Pachulski Stang Ziehl & Jones LLP8 Sep 2025Service list · 17 Feb 2026
Foreign representativePachulski Stang Ziehl & Jones LLP9 Sep 2025Application · 9 Sep 2025
CreditorAlixPartners Restructuring, IncOsler, Hoskin & Harcourt LLP23 Jun 2026Factum · 23 Jun 2026
CreditorAmazon Advertising LLCDentons Canada LLP17 Feb 2026Service list · 17 Feb 2026
CreditorBoard of Directors of Xiwang Iovate Holdings Company LimitedNorton Rose Fulbright Canada LLP17 Feb 2026Service list · 17 Feb 2026
CreditorChunhua Jingxi (Tianjin) Investment Centre (Limited Partnership)Aird & Berlis LLP17 Feb 2026Service list · 17 Feb 2026
CreditorCommand NutritionalsLowenstein Sandler LLP17 Feb 2026Service list · 17 Feb 2026
CreditorKenco Logistic Services LLCThornton Grout Finnigan LLP28 Oct 2025Service 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 2025Application · 17 Oct 2025
CreditorMajority ShareholderBennett Jones LLP24 Jun 2026Service list · 24 Jun 2026
CreditorOrgain, IncDentons Canada LLP
Previously Davies Ward Phillips & Vineberg LLP (last seen 28 Oct 2025)
17 Oct 2025Service list · 24 Jun 2026
CreditorRadius Packaging IncLoopstra Nixon LLP17 Feb 2026Service list · 17 Feb 2026
CreditorRoyal Bank of Canada, AS Administrative AgentBlake, Cassels & Graydon LLP28 Oct 2025Service list · 28 Oct 2025
CreditorValentine Enterprises, IncCassels Brock & Blackwell LLP17 Feb 2026Service list · 17 Feb 2026
CreditorWalmart IncKutak Rock LLP24 Jun 2026Service list · 24 Jun 2026
CreditorWesley ParrisLoopstra Nixon LLP17 Feb 2026Service list · 17 Feb 2026
CreditorXiwang Foodstuffs (Qingdao) Co., LtdBennett Jones LLP28 Oct 2025Service list · 28 Oct 2025
CreditorXiwang Foodstuffs Co., LtdBennett Jones LLP2 Nov 2025Application · 2 Nov 2025
CreditorXw Foodstuffs Co., LtdBennett Jones LLP28 Oct 2025Service list · 28 Oct 2025
Capital structureAs asserted in the filings
stated amounts, drawn to scale
#Priority classCreditorAmountSource
Court-ordered charges
1Court-ordered chargesDirectors' Charge — Second – Directors’ Charge (to the maximum amount of $1,310,000)$1.31MCCAA Initial Order dated October 31, 2025
1Court-ordered chargesAdministrative Professionals Charge — First – Administrative Professionals Charge (to the maximum amount of $750,000)$750KCCAA Initial Order dated October 31, 2025
Pre-filing debt
4SecuredRoyal Bank of Canada, as Administrative Agent for the Lenders (successor to HSBC Bank Canada; syndicate includes HSBC Bank Canada, Toronto-Dominion Bank, Bank of China (Canada), Bank of Montreal, NatiGeneral Security Agreement (Dec 21, 2016); US GSA (Dec 21, 2016); Collateral Leasehold Mortgage (Apr 11, 2017); Belgian Pledge on Business (Apr 4, 2025) — Borrower under syndicated Credit Agreement (revolving + term loan facilities); Notice of Intention to Enforce Security under s.244 BIA dated Aug 27, 2025. Affidavit of Wesley Parris states total owing as USD $115,785,488 as of August 31, 2025 (term loan $100,606,023 + revolving $14,000,000 + accrued default interest $1,179,465). — debtor: Iovate Health Sciences International Inc. · as of 26 Aug 2025$116M USDMotion Record of the Iovate Entities dated September 6, 2025
Sale processAs stated in the filings

Sale closed — The Transaction closed on May 27, 2026Sixth Report of Monitor dated September 16, 2026 · 16 Sep 2026

Letters of intent

10

Fourth Report of the Monitor dated April 9, 2026

Qualified bids

4

Fourth Report of the Monitor dated April 9, 2026

Bid deadline (round closed)

9 March 2026

SISP Approval Order dated November 28, 2025

Phase 1 deadline

23 January 2026

SISP Approval Order dated November 28, 2025

PurchaserPriceStatusSource
1001542267 Ontario Inc.the Chapter 15 Debtors' right, title, and interest in and to the Excluded Property · share subscription · agreement 2 Apr 2026$90M USDcash proceeds of the Transaction (US$90 million)Closed27 May 2026outside 3 Jun 2026Sixth Report of Monitor dated September 16, 2026
AdvisorsOrigin Merchant Partners (financial advisor)Sixth Report of Monitor dated September 16, 2026
Closing termsTransfer of Excluded Property to ResidualCo on the Closing DateOrder Grant Recognition dated May 7, 2026
Sealed materialsConfidential Appendix '1' and Confidential Appendix '2' to the Fourth ReportApproval and Reverse Vesting Order dated April 16, 2026
Fees and ratesAs stated in the filings

5 engagements · 3 firms — latest: Osler, Hoskin & Harcourt LLP, 1 Dec 2025 – 22 May 2026Fifth Report of the Monitor · 19 Jun 2026

FirmPeriodHoursFeesRatesSource
AlixPartners Restructuring, Inc.Monitorthe Period——$664.59stated averageFifth Report of the Monitor · 19 Jun 2026
KSV Restructuring Inc.Monitorperiod 2 of 2to 30 Nov 2025Approved——$631.32stated averageMotion Record (Stay Extension and Ancillary Relief) · 23 Jan 2026
KSV Restructuring Inc.Monitorperiod 1 of 2the Period——$631.32stated averageThird Report of the Monitor · 23 Jan 2026
Osler, Hoskin & Harcourt LLPCounsel to the monitorperiod 2 of 21 Dec 2025 – 22 May 20261,663.6—$1,096.98stated averageFifth Report of the Monitor · 19 Jun 2026
Osler, Hoskin & Harcourt LLPCounsel to the monitorperiod 1 of 24 Sep – 28 Nov 2025Approved——not statedMotion Record (Stay Extension and Ancillary Relief) · 23 Jan 2026
Estate financialsReported figures — never derived
Total assets at filing$488M USD
Total liabilities at filing$300M USD

As at 30 Sep 2025 · per unaudited book value (Iovate Group's consolidated unaudited financial statements dated September 30, 2025, referred to as the 'September 2025 Financials') · consolidated - Iovate Group (including Iovate International, Iovate USA, Northern Innovations and other group entities) — Trustee/affiant notes a large portion of assets are intangible or have limited realizable value, and net realizable value is expected to be considerably less than book value. Liabilities include a Subordinated Note due to Related Party (Xiwang China/Xiwang Foodstuffs) of $49,000,000 (current liabilities) - not stated as secured. Total liabilities figure appears at original page 51; total assets figure at original page 50.

Cumulative receipts

$18.1M USD

As at 9 Apr 2026Fourth Report of the Monitor dated April 9, 2026

Cash on hand

$1.9M USD

As at 19 Jun 2026Fifth Report of the Monitor dated June 19, 2026

Professional fees to date

$832K

As at 19 Jun 2026Fifth Report of the Monitor dated June 19, 2026

Documents
90 filings
DateDocumentFile
Motion Record of the Monitor dated September 16, 2026PDF
Sixth Report of Monitor dated September 16, 2026
  • Closing confirmed Closed · 27 May 2026 · 1001542267 Ontario Inc.
  • Purchaser 1001542267 Ontario Inc. · substantially all of the business and assets of the Company · share subscription · $90M USD · closed
  • Sale advisor Origin Merchant Partners (financial advisor)
  • Sale outcome Sale closed — The Transaction closed on May 27, 2026
PDF
Stay Extension Order dated June 25, 2026
  • Court Ontario Superior Court of Justice (Commercial List)
  • Debtor names 2807727 Alberta Ltd.
  • Monitor AlixPartners Restructuring, Inc. (formerly KSV Restructuring Inc.)
  • Monitor representative Marc Wasserman
  • + 4 more extracted facts
PDF
Service List as at June 24, 2026
  • Counsel Blake, Cassels & Graydon LLP
PDF
Factum of the Monitor dated June 23, 2026
  • Counsel Osler, Hoskin & Harcourt LLP
PDF
Fifth Report of the Monitor dated June 19, 2026
  • Cash on hand $1.9M USD
  • Fee schedule Engagements: Form: report_table · Rows: · Money: Approximate: false · Period: Kind: unstated · Label: the Period · Quote: the Monitor's average hourly rate for the Period was $664.59 · Approval: State: unstated · Averages: — · Currency: Code: CAD · Quote: CAD$664.59 · Invoices: · Firm text: AlixPartners Restructuring, Inc. · Firm quote: Fifth Report of AlixPartners Restructuring, Inc. (formerly operating as KSV Restructuring Inc.), as CCAA Monitor of 2807727 Alberta Ltd. · Context quote: as CCAA Monitor of 2807727 Alberta Ltd.; Form: report_table · Rows: · Money: Approximate: false · Period: End: 2026-05-22 · Kind: cumulative · Label: the Approval Period · Quote: for the period from Decemher 1, 2025 to May 22, 2026, excluding the estimated fee to closing in the amount of $200,000.00 listed in the invoice issned on May 25,2026 (the "Approval Period") · Start: 2025-12-01 · Approval: State: unstated · Averages: — · Currency: Code: CAD · Quote: CAD$1,096.98 · Invoices: · Firm text: Osler · Firm quote: Attached hereto and rnarked as Bxhibit'oA" are true copies of the accounts (the "Osler Accounts") rendered by Osler to the Monitor for the period from Decemher 1, 2025 to May 22, 2026 · Hours total: Quote: Osler incurred a total of 1,663.60 hours in connection with this matter dr"rring the Approval Period · Value: 1663.6 · Context quote: excluding the estimated fee to closing in the amount of $200,000.00 listed in the invoice issned on May 25,2026 (the "Approval Period")
  • Operational summary The Transaction closed on May 27, 2026; the Monitor facilitated a distribution of approximately US$87.1 million to the Administrative Agent from cash proceeds of US$90 million, retained a US$1.9 million Administrative Reserve, and is seeking an extension of the Stay Period to October 30, 2026 to address Potential D&O Claims and complete winddown activities.
  • Professional fees Fees: $832K · Party: Alix · Period: 2025-12-01 to 2026-05-20 · Disbursements: $7.48K; Fees: $1.83M · Party: Osler · Period: 2025-12-01 to 2026-05-22 · Disbursements: $8.43K
  • + 2 more extracted facts
PDF
Motion Record of the Monitor dated June 19, 2026PDF
Monitor's Certificate dated May 27, 2026
  • Closing confirmed Closed · 27 May 2026 · 1001542267 Ontario Inc.
PDF
Order Grant Recognition dated May 7, 2026
  • Closing terms Transfer of Excluded Property to ResidualCo on the Closing Date
  • Order date 7 May 2026
  • Purchaser 1001542267 Ontario Inc. · the Chapter 15 Debtors' right, title, and interest in and to the Excluded Property · share subscription · approved
  • Sale outcome Sale approved — Recognition and enforcement of the Canadian Reverse Vesting Order approving the Subscription Agreement
PDF
Hearing Agenda dated May 4, 2026PDF
Reply Brief ISO Recognition dated May 4, 2026
  • Counsel Pachulski Stang Ziehl & Jones LLP
PDF
Approval and Reverse Vesting Order dated April 16, 2026
  • Order date 16 April 2026
  • Sale advisor Origin Merchant Partners (financial advisor)
  • Sale outcome Sale approved — Subscription Agreement and the Transactions are approved
  • Sealed items Confidential Appendix '1' and Confidential Appendix '2' to the Fourth Report
PDF
Distribution, Stay Extension and Ancillary Relief Order dated April 16, 2026
  • Court Ontario Superior Court of Justice (Commercial List)
  • Debtor names XIWANG IOVATE HOLDINGS COMPANY LIMITED; IOVATE HEALTH SCIENCES INTERNATIONAL INC.; IOVATE HEALTH SCIENCES U.S.A. INC.; IOVATE HEALTH SCIENCES AUSTRALIA PTY LTD; NORTHERN INNOVATIONS HOLDING CORP.
  • Monitor KSV Restructuring Inc.
  • Monitor representative Marc Wasserman and Michael DeLellis, Osler, Hoskin & Harcourt LLP
  • + 4 more extracted facts
PDF
Endorsement of Justice Cavanagh dated April 16, 2026
  • Presiding officer Justice Cavanagh
PDF
Factum of the Monitor re ARVO and Ancillary Relief dated April 14, 2026PDF
Fourth Report of the Monitor dated April 9, 2026
  • Cash on hand $2.41M USD · Qualifier: approximately
  • Operational summary Since the Third Report, the Monitor corresponded with the Applicants' management and legal counsel, posted materials to the Case Website, assisted with SISP activities including management presentations and negotiation of the Subscription Agreement, assisted an external auditor in completing the fiscal 2025 audit, corresponded with the Administrative Agent and its advisors, assisted in preparing the Cash Flow Forecast, and drafted this Fourth Report.
  • Process results 10 LOIs · 4 qualified bids · 4 bids · as of 20 Mar 2026
  • Professional fees $-3K · Period: April 6, 2026 to June 26, 2026 (forecast)
  • + 7 more extracted facts
PDF
Motion Record of the Monitor re Sale Approval and Distribution dated April 9, 2026PDF
Reasons for Decision Sealing Order dated March 2, 2026PDF
Service as at February 17, 2026
  • Counsel Dentons Canada LLP
PDF
Court Order re Incentive Payments KERP and Sealing Order dated February 2, 2026
  • Court Ontario Superior Court of Justice (Commercial List)
  • Debtor names Xiwang Iovate Holdings Company Limited; Iovate Health Sciences International Inc.; Iovate Health Sciences U.S.A. Inc.; Iovate Health Sciences Australia Pty Ltd; Northern Innovations Holding Corp.
  • Monitor KSV Restructuring Inc.
  • Order date 2 February 2026
  • + 2 more extracted facts
PDF
Court Order re Principal Payments dated February 2, 2026
  • Court Ontario Superior Court of Justice (Commercial List)
  • Debtor names XIWANG IOVATE HOLDINGS COMPANY LIMITED; IOVATE HEALTH SCIENCES INTERNATIONAL INC.; IOVATE HEALTH SCIENCES U.S.A. INC.; IOVATE HEALTH SCIENCES AUSTRALIA PTY LTD; NORTHERN INNOVATIONS HOLDING CORP.
  • Monitor KSV Restructuring Inc.
  • Order date 2 February 2026
  • + 2 more extracted facts
PDF
Endorsement of Justice Dunphy dated February 2, 2026
  • Presiding officer Justice Dunphy
PDF
Aide Memoire of the Monitor dated January 30, 2026PDF
Endorsement of Justice Kimmel dated January 29, 2026
  • Presiding officer Justice Kimmel
PDF
Stay Extension and Ancillary Relief Order dated January 29, 2026
  • Court Ontario Superior Court of Justice (Commercial List)
  • Debtor names XIWANG IOVATE HOLDINGS COMPANY LIMITED; IOVATE HEALTH SCIENCES INTERNATIONAL INC.; IOVATE HEALTH SCIENCES U.S.A. INC.; IOVATE HEALTH SCIENCES AUSTRALIA PTY LTD; NORTHERN INNOVATIONS HOLDING CORP.
  • Monitor KSV Restructuring Inc.
  • Monitor representative Noah Goldstein
  • + 4 more extracted facts
PDF
Factum (SARIO Stay Extension and Ancillary Relief Order) dated January 27, 2026
  • Counsel Osler, Hoskin & Harcourt LLP
PDF
Motion Record (Stay Extension and Ancillary Relief) dated January 23, 2026
  • Fee schedule Engagements: Form: prose · Rows: · Money: Approximate: false · Period: End: 2025-11-30 · Kind: cumulative · Quote: for the period from the commencement of the proceedings to November 30, 2025 · Approval: Quote: THIS COURT ORDERS that the fees and disbursements of the Monitor for the period from the commencement of the proceedings to November 30, 2025, as set out in the Goldstein Fee Affidavit, are hereby approved. · State: approved · Averages: the Monitor's average hourly rate for the Period · Currency: · Invoices: · Firm text: KSV Restructuring Inc. · Firm quote: KSV may take all necessary steps in furtherance of its discharge as Proposal Trustee · Context quote: THIS COURT ORDERS that the fees and disbursements of the Monitor for the period from the commencement of the proceedings to November 30, 2025, as set out in the Goldstein Fee Affidavit, are hereby approved.; Form: prose · Rows: · Money: Approximate: false · Period: End: 2025-11-28 · Kind: invoice · Quote: for the period from September 4, 2025 to November 28, 2025 · Start: 2025-09-04 · Approval: Quote: THIS COURT ORDERS that the fees and disbursements of Osler, Hoskin & Harcourt LLP, legal counsel for the Monitor, for the period from September 4, 2025 to November 28, 2025, as set out in the Wasserman Fee Affidavit, are hereby approved. · State: approved · Averages: · Currency: · Invoices: · Firm text: Osler, Hoskin & Harcourt LLP · Firm quote: Osler, Hoskin & Harcourt LLP, legal counsel for the Monitor · Context quote: Lawyers for the Monitor, KSV Restructuring Inc.
PDF
Third Report of the Monitor dated January 23, 2026
  • Cash on hand Number: 17250000 · Currency: USD
  • Fee schedule Engagements: Form: report_table · Rows: · Money: Approximate: false · Period: Kind: unstated · Label: the Period · Quote: As reflected on Exhibit 'B', the Monitor's average hourly rate for the Period was $631.32. · Approval: State: unstated · Averages: — · Currency: · Invoices: · Firm text: KSV Restructuring Inc. · Firm quote: KSV Restructuring Inc. · Context quote: As reflected on Exhibit 'B', the Monitor's average hourly rate for the Period was $631.32.; Form: invoice_listing · Rows: · Money: Approximate: false · Period: End: 2025-11-28 · Kind: cumulative · Label: the Approval Period · Quote: Attached hereto and marked as Exhibit 'A' are true copies of the accounts (the ' Osler Accounts ') rendered by Osler to the Monitor for the period from September 4, 2025 to November 28, 2025 (the ' Approval Period '). · Start: 2025-09-04 · Approval: State: unstated · Averages: · Currency: · Invoices: Tax: 51863.77 · Date: 2025-10-31 · Fees: 394477.5 · Quote: October 31, 2025 September 30, 2025 394,477.50 4,474.55 51,863.77 450,815.82 · Total: 450815.82 · Period end: 2025-09-30 · Disbursements: 4474.55 · Firm text: Osler · Firm quote: Osler · Context quote: Attached hereto and marked as Exhibit 'A' are true copies of the accounts (the ' Osler Accounts ') rendered by Osler to the Monitor for the period from September 4, 2025 to November 28, 2025 (the ' Approval Period ').
  • Operational summary The Applicants are part of the Iovate Group, a group of companies engaged in the development, production and sale of health and nutrition products in Canada, the United States and internationally.
  • Professional fees Number: 2974000 · Currency: USD
  • + 3 more extracted facts
PDF
Endorsement of Justice Dietrich dated December 12, 2025
  • Presiding officer Justice Dietrich
PDF
Enhanced Monitor Powers Order dated December 12, 2025
  • Court Ontario Superior Court of Justice (Commercial List)
  • Debtor names Xiwang Iovate Holdings Company Limited; Iovate Health Sciences International Inc.; Iovate Health Sciences U.S.A. Inc.; Iovate Health Sciences Australia PTY Ltd; Northern Innovations Holding Corp.
  • Monitor KSV Restructuring Inc.
  • Order date 12 December 2025
  • + 2 more extracted facts
PDF
Factum of the Monitor re Enhanced Monitor Powers dated December 11, 2025
  • Counsel Osler, Hoskin & Harcourt LLP
PDF
Motion Record of the Monitor Enhanced Monitor Powers dated December 9, 2025PDF
Second Report of the Monitor dated December 9, 2025
  • Operational summary Since the ARIO and the SISP Order were granted on November 28, the Monitor corresponded regularly with the Applicants' legal counsel and management team regarding all aspects of these CCAA Proceedings, including assisting the Applicants in the operation of their day-to-day business; monitored the Chapter 15 Proceedings; assisted the Applicants in the refinement of their cash flows; and drafted this Second Report.
  • Report date 9 December 2025
  • Report no Second Report
  • Sale advisor Origin Merchant Partners (sale agent)
  • + 1 more extracted fact
PDF
Amended Notice of Motion dated November 28, 2025PDF
Amended and Restated Initial Order dated November 28, 2025
  • Order date 28 November 2025
  • Stay expiry 30 January 2026
PDF
Endorsement of Justice Cavanagh dated November 28, 2025
  • Presiding officer Justice Cavanagh
PDF
Factum of the Applicants re SISP Approval dated November 28, 2025PDF
SISP Approval Order dated November 28, 2025
  • Bid deadline 23 January 2026
  • Order date 28 November 2025
  • Outside date 3 June 2026
  • Phase1 deadline 2026-01-23T17:00:00
  • + 3 more extracted facts
PDF
Supplement to the First Report of the Monitor dated November 27 2025
  • Cash on hand $7.28M USD
  • Operational summary The Updated Cash Flow Forecast indicates that the Applicants are projected to have sufficient liquidity to make the requested Principal Payments while continuing to satisfy post-filing obligations in the ordinary course.
  • Professional fees $4.65M USD
  • Receipts cumulative $43.7M USD
  • + 1 more extracted fact
PDF
First Report of the Monitor dated November 25, 2025
  • Cash on hand $26M
  • Operational summary Since the delivery of the Fourth Report of the Proposal Trustee and the Pre-Filing Report of the Proposed Monitor dated October 30, 2025, the Monitor engaged in activities including corresponding with legal counsel and management, developing a stakeholder communication strategy, monitoring the Chapter 15 Proceedings, assisting in SISP design, negotiating the Engagement Letter, mailing CCAA notices, posting materials on the Case Website, arranging publication in the Globe and Mail, and drafting this First Report.
  • Professional fees $4.65M
  • Receipts cumulative $43.7M
  • + 2 more extracted facts
PDF
Motion Record of the Applicants re SISP Order and ARIO dated November 20, 2025PDF
Amended Order Granting Motion for Recognition as Foreign Main Proceeding dated November 12, 2025PDF
CCAA Notice to Creditors dated November 7, 2025PDF
Endorsement of Justice Dietrich dated November 3, 2025
  • Presiding officer Justice Dietrich
PDF
Sealing Order dated November 3, 2025
  • Counsel Bennett Jones LLP
  • Court Ontario Superior Court of Justice (Commercial List)
  • Debtor names XIWANG IOVATE HOLDINGS COMPANY LIMITED; IOVATE HEALTH SCIENCES INTERNATIONAL INC.; IOVATE HEALTH SCIENCES U.S.A. INC.; IOVATE HEALTH SCIENCES AUSTRALIA PTY LTD; NORTHERN INNOVATIONS HOLDING CORP.
  • Order date 3 November 2025
  • + 2 more extracted facts
PDF
Motion Record of the Moving Party - Xiwang Foodstuffs Co. Ltd. dated November 2, 2025
  • Counsel Bennett Jones LLP
PDF
Statement of Law of the Moving Party - Xiwang Foodstuffs Co. Ltd. dated November 2, 2025
  • Counsel Bennett Jones LLP
PDF
CCAA Initial Order dated October 31, 2025
  • Applicant XIWANG IOVATE HOLDINGS COMPANY LIMITED, IOVATE HEALTH SCIENCES INTERNATIONAL INC., IOVATE HEALTH SCIENCES U.S.A. INC., IOVATE HEALTH SCIENCES AUSTRALIA PTY LTD, and NORTHERN INNOVATIONS HOLDING CORP.
  • Appointee KSV Restructuring Inc.
  • Appointee role Monitor
  • Charges Administrative Professionals Charge $750K; Directors' Charge $1.31M
  • + 7 more extracted facts
PDF
Endorsement of Justice Dietrich dated October 31, 2025
  • Presiding officer Justice Dietrich
PDF
Factum of the Applicants dated October 30, 2025PDF
Fourth Report of the Proposal Trustee dated October 30, 2025PDF
Motion Record of the Iovate Group dated October 29, 2025
  • Financial position Assets $488M USD · Liabilities $300M USD · as at 30 Sep 2025 · per unaudited book value (Iovate Group's consolidated unaudited financial statements dated September 30, 2025, referred to as the 'September 2025 Financials') · consolidated - Iovate Group (including Iovate International, Iovate USA, Northern Innovations and other group entities) — Trustee/affiant notes a large portion of assets are intangible or have limited realizable value, and net realizable value is expected to be considerably less than book value. Liabilities include a Subordinated Note due to Related Party (Xiwang China/Xiwang Foodstuffs) of $49,000,000 (current liabilities) - not stated as secured. Total liabilities figure appears at original page 51; total assets figure at original page 50.
  • Secured creditors $115M USD · Note: Guaranteed by Xiwang Iovate, Northern Innovations, Iovate USA and Iovate Australia (Guarantors). Iovate International in breach of Forbearance Agreement (Sept 24, 2024, as amended); Administrative Agent delivered Reservation of Rights Letter April 30, 2025 reserving rights following Orgain enforcement actions constituting Event of Default/Termination Event. Amount reported is 'Total Bank Indebtedness' per unaudited consolidated liabilities table. · Page: 51 · As of: 2025-09-30 · Debtor: Iovate Health Sciences International Inc. (Iovate International), as Borrower · Creditor: Royal Bank of Canada (as Administrative Agent, formerly HSBC Bank Canada) and Lenders (HSBC Bank Canada, The Toronto-Dominion Bank, Bank of China (Canada), Bank of Montreal, National Bank of Canada, Canadian Western Bank, The Bank of Nova Scotia) · Security: Comprehensive security package under Amended and Restated Credit Agreement dated June 30, 2021 (as amended, incl. Amending Agreement No. 10 dated Feb 28, 2025): General Security Agreements (Xiwang Iovate Health Science International Inc., Iovate Health Sciences International Inc., Kerr, Old Iovate, Iovate USA, Old Northern, Lakeside, Northern Innovations); Trademark Security Agreements (June 30, 2021 and Sept 25, 2024) by Northern Innovations; Patent Security Agreements (Dec 21, 2016 and June 30, 2021) by Northern Innovations; General Security Deed (Oct 6, 2022) by Iovate Australia; Group Guarantee (Dec 21, 2016); Limited Recourse Guarantee (Dec 21, 2016) by Xiwang Iovate, limited to pledged collateral. Facility limits (not balances): Revolving credit facility $20,000,000 (reduced to $14,000,000 per Amending Agreement No. 10); Term credit facility original advance $133,149,999.98.
PDF
CCAA List of Creditors as at October 28, 2025
  • Counsel Thorton Grout Finnigan LLP
PDF
Orgain's Supplemental Limited Objection to the Motion for Recognition dated October 27, 2025PDF
Aide Memoire of Orgain Inc. dated October 17, 2025
  • Counsel Davies Ward Phillips & Vineberg LLP
PDF
Court Order dated October 17, 2025
  • Presiding officer Justice W. D. Black
PDF
Endorsement of Justice Black dated October 17, 2025
  • Presiding officer Justice Black
PDF
Motion Record of the Iovate Entities re Approval of Settlement Agreement returnable October 17, 2025
  • Counsel Gray Robinson LLP
PDF
Aide Memoire of the NOI Applicants dated October 16, 2025PDF
Factum of the NOI Applicants dated October 15, 2025PDF
Third Report of the Proposal Trustee dated October 15, 2025PDF
Motion Record of Orgain, Inc. dated October 14, 2025PDF
Court Order dated October 3, 2025
  • Presiding officer Justice Conway
PDF
Endorsement of Justice Conway dated October 3, 2025
  • Presiding officer Justice Conway
PDF
Second Report of the Proposal Trustee dated October 1, 2025
  • Secured creditors Note: Referenced only as 'the Company's secured lender's counsel and financial advisor' whose fees are included in professional fees forecast; no name or amount disclosed in these pages; also referred to elsewhere as 'the Lenders' per the September 6 Affidavit (not provided) · Page: 11 · Debtor: Iovate Health Sciences International Inc., Iovate Health Sciences U.S.A. Inc. and Northern Innovations Holding Corp. · Creditor: NOI Applicants' secured lender (unnamed) · Currency: USD
PDF
Factum of Iovate Entities dated September 30, 2025PDF
Motion Record of the Iovate Entities re Extension to File Proposal dated September 30, 2025PDF
Order Granting Provisional Relief as at September 19, 2025PDF
Memorandum Opinion Granting Motion for Provisional Relief dated September 12, 2025PDF
Notice of Recognition Hearing dated September 11, 2025PDF
Order Setting Recognition Hearing dated September 11, 2025PDF
Notice to Creditors dated September 10, 2025PDF
Order Granting Joint Admin Motion dated September 10, 2025PDF
Order Granting Provisional Relief dated September 10, 2025PDF
Court Order dated September 9, 2025
  • Presiding officer Justice J. Dietrich
PDF
Decalaration of Harvey Chaiton dated September 9, 2025PDF
Declaration of Wesley Parris dated September 9, 2025
  • Secured creditors $116M USD · Note: Total secured indebtedness demanded in Lenders' August 27, 2025 demand letters and section 244 NOIs, stated as US$115,700,995 as of August 26, 2025 (exact dated balance in demand letters/NOIs, used as amount per document hierarchy). Debtors' own Declaration (para. 16) separately states approx. USD $100,606,023 principal under term loan, USD $14,000,000 under revolving facility, and USD $1,179,465 default interest accrued month-to-date, for an estimated total of USD $115,785,488 as of August 31, 2025 (a later, slightly higher figure due to continuing accrual). Debtor is in default under Credit Agreement and Forbearance Agreement; Lenders delivered notices of intention to enforce security under BIA s.244 on August 27, 2025 and reserved right to seek receivership. · Page: 38 · As of: 2025-08-26 · Debtor: Iovate Health Sciences International Inc. (borrower); guaranteed/secured by Iovate Health Sciences U.S.A. Inc., Northern Innovations Holding Corp., Xiwang Iovate Holdings Company Limited (limited recourse guarantee), and Iovate Health Sciences Australia Pty Ltd. · Creditor: Royal Bank of Canada, as Administrative Agent, for itself and syndicated Lenders (HSBC Bank Canada, Toronto-Dominion Bank, Bank of China (Canada), Bank of Montreal, National Bank of Canada, Canadian Western Bank, Bank of Nova Scotia) · Security: Amended and restated Credit Agreement dated June 30, 2021 (revolving + term loan facilities); Group Guarantee (Dec 21, 2016) and Limited Recourse Guarantee (Dec 21, 2016, Xiwang Iovate Holdings); General Security Agreements (Dec 21, 2016) creating first-priority lien over present/after-acquired real and personal property of Iovate International, Iovate USA and Northern Innovations; US Security Agreement; Collateral Leasehold Mortgage (Apr 11, 2017); Belgian Pledge on Business (Apr 4, 2025); Trademark Security Agreements (2021, 2024) and Patent Security Agreements (2016, 2021) over Northern Innovations IP; Pledge Agreement, Supplement to Security Agreement, Specific Security Agreement (Shares)/Australian Pledge, and Blocked Accounts Agreement (Xiwang Iovate Holdings); Deposit Account Control Agreement (Iovate USA); General Security Deed (Iovate Health Sciences Australia Pty Ltd)
PDF
Endorsement of Justice Dietrich dated September 9, 2025
  • Presiding officer Justice Dietrich
PDF
Ex Parte Motion for Entry of Order dated September 9, 2025PDF
Motion for Joint Administration dated September 9, 2025PDF
Motion for Order Scheduling Recognition Hearing dated September 9, 2025PDF
Motion for Provisional Relief dated September 9, 2025
  • Counsel Pachulski Stang Ziehl & Jones LLP
PDF
Motion for Recognition of Foreign Main Proceeding dated September 9, 2025PDF
Factum of the Iovate Entities dated September 8, 2025
  • Counsel Chaitons LLP
PDF
First Report of the Proposal Trustee dated September 8 2025
  • Secured creditors $116M USD · Note: Under amended and restated credit agreement dated June 30, 2021; amount stated as approximate ('approximately USD$115,785,488'); Iovate Entities stated to have the same senior secured creditors · Page: 5 · As of: 2025-08-31 · Debtor: Iovate Health Sciences International Inc. (and certain affiliates) · Creditor: RBC (Royal Bank of Canada, formerly HSBC Bank Canada), as administrative agent, and syndicate of Lenders (HSBC Bank Canada, Toronto-Dominion Bank, Bank of China (Canada), Bank of Montreal, National Bank of Canada, Canadian Western Bank, Bank of Nova Scotia) · Security: General security agreement creating a first-priority lien over all present and after-acquired real and personal property
PDF
Motion Record of the Iovate Entities dated September 6, 2025
  • Applicant IOVATE HEALTH SCIENCES INTERNATIONAL INC., IOVATE HEALTH SCIENCES U.S.A. INC., AND NORTHERN INNOVATIONS HOLDING CORP.
  • Court SUPERIOR COURT OF JUSTICE
  • Secured creditors $116M USD · Note: Limited recourse guarantor (Holdco) for same syndicated debt as other Iovate Entities (same total, not additive); related-party holding company. Notice of Intention to Enforce Security dated Aug 27, 2025; Xiwang executed Waiver and Consent. · Page: 86 · As of: 2025-08-26 · Debtor: Xiwang Iovate Holdings Company Limited · Creditor: Royal Bank of Canada, as Administrative Agent for the Lenders · Security: Pledge Agreement (Dec 21, 2016); Supplement to Security Agreement/GSA attornment (Mar 31, 2021); Specific Security Agreement (Shares)/Australian Pledge (Oct 6, 2022); Blocked Accounts Agreement/DACA (Sep 6, 2024)
PDF
Certificate for the Notice of Intention - 31-3268936 - Iovate Health Sciences International Inc.PDF
Certificate for the Notice of Intention - 31-3268942 - Iovate Health Sciences U.S.A., Inc.PDF
Certificate for the Notice of Intention - 31-3268971 - Northern Innovation Holding Corp.PDF
Notice of 05-06-26 Hearing re Mtn. to Approve RVOPDF

Filing titles, dates, and extracted key facts are public.

CiteProceedings., “Iovate Health Sciences” (CCAA), Ontario Superior Court of Justice · Commercial List. Retrieved 20 September 2026, https://proceedings.ca/case/iovate-health-sciences

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Sources last checked · summary updated 5 August 2026 · Report a correction · Printed from proceedings.ca/case/iovate-health-sciences

Facts and summaries are extracted automatically from the court filings linked on each page; the filings remain the authoritative record. Suggested corrections are reviewed against the source filings.