MNP appointed receiver to Magnum Nutraceuticals and parent company at BDC’s request

On October 6, 2025, the Ontario Superior Court of Justice (Commercial List) appointed MNP Ltd. as receiver over the assets, undertakings, and properties of Magnum Worldwide Holdings Inc. and Magnum Nutraceuticals Inc. at the request of BDC Capital Inc. (BDC), owed approximately $6.3 million. The order confers limited powers on MNP to supervise the debtors’ operations while preserving their Health Canada product licences and exploring restructuring or sale options.

Founded in 2005, Magnum Nutraceuticals operates a well-known sports nutrition brand manufacturing protein powders and supplements for domestic and export markets. Its Ontario-incorporated parent, Magnum Worldwide Holdings, acquired the British Columbia-based company in 2023 with the support of a $6.5 million credit facility from BDC, which financed the buyout of the shares of Magnum Nutraceuticals Holdings Ltd., the previous owner. The companies employ roughly 14 people and maintain offices in Surrey, British Columbia and Toronto, Ontario.

BDC’s application followed a rapid deterioration in the companies’ liquidity. After RBC assigned its indebtedness and security to 1001343848 Ontario Inc. (“100 Ontario”) in September 2025, the new lender set off funds in the debtors’ operating accounts, leaving them unable to purchase inventory or fund payroll. BDC issued demands and s. 244 notices on August 27, 2025, and the statutory 10-day notice period expired on September 5. By the time of filing, shipping providers had halted deliveries and the company’s website faced shutdown for non-payment. BDC and 100 Ontario Inc. are currently in negotiations for BDC to acquire the loans and security agreements of the new lender.

MNP’s appointment is limited to supervisory functions and conducting a sale and investor solicitation process with 100 Ontario acting as stalking horse bidder.

The Receiver has retained Loopstra Nixon LLP as counsel, while BDC is represented by McMillan LLP. Miller Thomson LLP acts for secured creditor Lawrence Krimker, and Kane Shannon Weiler LLP is listed as original counsel for Magnum Nutraceuticals Holdings Ltd.