Ontario · Receivership (court-appointed)
First Report of the Receiver dated December 17, 2024
Court officer report · 17 December 2024
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing6 verified
- financial positionnote: Secured creditors — the document says none: 'the Receiver understands that Nautilus does not have any secured creditors registered in Ontario, Alberta, British Columbia, Manitoba, and Quebec' based on PPSA searches, and is not aware of any outside those jurisdictions (p. 5); the endorsement states 'Nautilus has no secured creditors' (p. 24). Total liabilities is the stated book value of unsecured obligations ('approximately $4.685 million') as at the date of the Receivership Order (November 15, 2024); it excludes the unknown product liability/warranty obligations and the potential $4.3 million lawsuit. Assets are stated as components only and are not summed here: cash of US$1,526,201 and CAD$3,698,584 (endorsement: US$1,526,200.67 and CAD$3,698,584.17 at the Toronto branch of JPMorgan Chase Bank N.A., p. 24) and the BowFlex US intercompany receivable of $5,977,781 (endorsement: CAD$5,977,780.94), which is subject to the Chapter 11 Proceeding in which such unsecured claims are expected to receive no recovery (p. 5). Endorsement, November 15, 2024: 'Based on its known assets and liabilities, it is not insolvent' (p. 25). · page: 6 · as at: 2024-11-15 · basis: Book value; Receiver relied on the Company's unaudited financial information and books and records and has not audited or otherwise verified them · scope: Entity — Nautilus Fitness Canada, Inc. only · currency: CAD · total liabilities: 4685000
- unsecured creditorsnote: Document names no individual suppliers. Stated as at the date of the Receivership Order (November 15, 2024). Justice Kimmel's endorsement of the same date records that Nautilus 'has identified unsecured creditors with claims of just under CAD$3 million' (p. 24), consistent with this accounts payable figure. · page: 6 · as of: 2024-11-15 · basis: Known liabilities based on the Receiver's review of Nautilus' books and records (unaudited, not verified) · amount: 2943490 · debtor: Nautilus Fitness Canada, Inc. · creditor: Foreign suppliers (accounts payable, aggregate as reported) · currency: CAD
- unsecured creditorsnote: Related party — amounts owing to related and associated companies; the document does not name the individual companies. The stated total book value of unsecured obligations as at the date of the Receivership Order is approximately $4.685 million, 'consisting principally of vendor obligations and amounts owed to related companies'; the two itemised components are reported here without an added aggregate row. · page: 6 · as of: 2024-11-15 · basis: Known liabilities based on the Receiver's review of Nautilus' books and records (unaudited, not verified) · amount: 1741893 · debtor: Nautilus Fitness Canada, Inc. · creditor: Related and associated companies (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Stated unknown, not a zero — the document says it cannot quantify these obligations. Nautilus is no longer insured for any new product liability claims that may arise. The Claims Procedure exists in part to solicit and determine such claims. · page: 6 · basis: 'Nautilus' further product liability and warranty obligations are unknown, but potentially significant due to Nautilus' direct sales to consumers' · debtor: Nautilus Fitness Canada, Inc. · creditor: Product liability and warranty claimants (unknown) · currency: CAD
- unsecured creditorsnote: Contingent/potential claim: Nautilus is not yet a named defendant in the action, and is potentially insured for all but US$150,000 of such a claim. · page: 6 · basis: 'Nautilus may also become subject to a $4.3 million lawsuit brought in the Ontario Superior Court of Justice by an Ontario consumer against BowFlex US' · amount: 4300000 · debtor: Nautilus Fitness Canada, Inc. (potential — action currently against BowFlex Inc.) · creditor: Ontario consumer (plaintiff in $4.3 million Ontario Superior Court lawsuit against BowFlex US) · currency: CAD
- secured creditors