Independent Renewable Resources Corp. and Independent Energy Holdings Inc.
Follow- Proceeding
- Receivership (court-appointed)Bankruptcy and Insolvency Act, RSC 1985, c B-3
- File
- 2501-17633
- Industry
- Energy · Pipelines, midstream & refining
Independent Renewable Resources Corp. and Independent Energy Holdings Inc. have been under court-appointed receivership in the Court of King's Bench of Alberta since November 13, 2025, when KSV Restructuring Inc. was named receiver and manager on the application of Cortland Credit Lending Corporation under section 243(1) of the Bankruptcy and Insolvency Act and section 13(2) of the Judicature Act. The Echo Refinery has continued to operate under Hausen's direction with the Receiver's oversight. The court approved a sale process on January 15, 2026, with a phase-one deadline of February 26, 2026 and bids due March 26, 2026, and on April 29, 2026 granted a reverse vesting order for a transaction with MotOil Holdings Limited Partnership, leaving Independent Renewable Resources Corp. as ResidualCo. The Receiver's third report, dated June 8, 2026, records issuance of the Receiver's Certificate and closing matters. The case remains active under court file 2501-17633.
Third Report accounted for transaction work since the Second Report, including issuance of the Receiver's Certificate, closing matters, and continued cash flow forecasting for the refinery.
Application - Discharge, Approval of Activities, Fees and Disbursements filed June 8, 2026 — Application / notice of application
Interim order pronounced the same day as the reverse vesting order; the record does not set out its terms.
Source: Sealing Order filed May 4, 2026
Granted a reverse vesting order implementing the transaction with MotOil Holdings Limited Partnership, by its general partner MotOil Holdings Corporation, with Independent Renewable Resources Corp. left as ResidualCo.
Source: Transaction Approval and Reverse Vesting Order filed May 4, 2026
Second Report set out the Receiver's work since the First Report: vendor arrears, cash flow forecasting, advances under the borrowing certificates, review of LOIs, and a CRA trust audit of IRRC's accounts.
Application re Transaction Approval and Vesting Order dated April 17, 2026 — Application / notice of application
Second interim order pronounced the same day in the receivership before the Court of King's Bench of Alberta.
Approved the Receiver's sale process, fixing a phase-one deadline of February 26, 2026 and a bid deadline of March 26, 2026.
One of two interim orders pronounced this day in file 2501-17633, alongside approval of the sale process; the record does not set out its terms.
First Report to the court, recording that the Echo Refinery continued to operate in the ordinary course under Hausen's direction and the Receiver's oversight.
Application re Sale Process and Miscellaneous Relief (with Schedules) filed January 6, 2026 — Application / notice of application
Appointed KSV Restructuring receiver and manager of both debtors on Cortland Credit Lending's application, granted a stay, and created the Receiver's Charge plus a $2,000,000 borrowings charge.
Independent Renewable Resources Corp. and Independent Energy Holdings Inc. — Receivership filed, Saskatchewan.
Book of Authorities of Cortand Credit Lending Corporation filed November 10, 2025 — Application / notice of application
Reply Brief of Cortand Credit Lending Corporation filed November 10, 2025 — Response / objection pleading
Book of Authorities Opposing Receivership dated November 6, 2025 — Application / notice of application
Debtor
Independent Renewable Resources Corp. and Independent Energy Holdings Inc.
Applicant
Cortland Credit Lending Corporation
Receiver
KSV
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Bourque | Court of King's Bench of Alberta | 4 orders, Nov 2025 – Jan 2026 | 39 cases on record |
| Justice Jones | Court of King's Bench of Alberta | 3 orders, Apr 2026 – May 2026 | 93 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverKSV | Bennett Jones LLP | 20 Nov 2025 | Service list · 20 Nov 2025 |
| ApplicantCortland Credit Lending Corporation | Cassels Brock & Blackwell LLP | 20 Nov 2025 | Service list · 20 Nov 2025 |
| DebtorIndependent Renewable Resources Corp. and Independent Energy Holdings Inc. | McKercher LLP | 6 Nov 2025 | Factum · 6 Nov 2025 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| Court-ordered charges | ||||
| 1 | Court-ordered charges | Receiver's Borrowings Charge — in priority to all security interests, trusts, deemed trusts, liens, charges and encumbrances, statutory or otherwise, in favour of any Person, but subordinate in priority to the Receiver's Charge and the charges set out | $2M | Receivership Order filed November 13, 2025 |
| 1 | Court-ordered charges | |||
| Pre-filing debt | ||||
| 4 | Secured | |||
| 4 | Secured | |||
3 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 plansThis proceeding was commenced by a secured creditor. The record does not include the debtor’s own statement of assets and liabilities — that ceiling is the record’s, not this page’s.
Sale approvedTransaction Approval and Reverse Vesting Order filed May 4, 2026 · 29 Apr 2026
| Purchaser | Price | Status | Source |
|---|---|---|---|
| MotOil Holdings Limited Partnership, by its general partner, MotOil Holdings CorporationResidualCo: Independent Renewable Resources Corp. | not stated | Approved29 Apr 2026 | Transaction Approval and Reverse Vesting Order… |
Closed · the record states no distribution outcome.
Cumulative receipts
$8.42M
As at 8 Jun 2026Third Report of the Receiver filed June 8, 2026
Cash on hand
As at
Professional fees
As at
2 more reported figures
Each one as the filing states it, with its source.
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See all plans| Date | Document | File |
|---|---|---|
| Receiver's Discharge Certificate dated July 23, 2026 | PDF · Subscribers | |
| Application - Discharge, Approval of Activities, Fees and Disbursements filed June 8, 2026 | PDF · Subscribers | |
| Brief of the Receiver filed June 8, 2026 | PDF · Subscribers | |
Third Report of the Receiver filed June 8, 2026
| PDF · Subscribers | |
Sealing Order filed May 4, 2026
| PDF · Subscribers | |
Transaction Approval and Reverse Vesting Order filed May 4, 2026
| PDF · Subscribers | |
Application re Transaction Approval and Vesting Order dated April 17, 2026
| PDF · Subscribers | |
| Brief of the Receiver - Transaction Approval and Vesting Order dated April 17, 2026 | PDF · Subscribers | |
Second Report of the Receiver dated April 17, 2026
| PDF · Subscribers | |
Ancillary Order filed January 24, 2026
| PDF · Subscribers | |
Sale Process Order filed January 24, 2026
| PDF · Subscribers | |
Sealing Order filed January 24, 2026
| PDF · Subscribers | |
| Application re Sale Process and Miscellaneous Relief (with Schedules) filed January 6, 2026 | PDF · Subscribers | |
Brief of the Receiver filed January 6, 2026
| PDF · Subscribers | |
First Report of the Receiver filed January 6, 2026
| PDF · Subscribers | |
Service List as at November 28, 2025
| PDF · Subscribers | |
| Notice Statement of Receiver dated November 21, 2025 | PDF · Subscribers | |
Service List as at November 20, 2025
| PDF · Subscribers | |
Receivership Order filed November 13, 2025
| PDF · Subscribers | |
| Book of Authorities of Cortand Credit Lending Corporation filed November 10, 2025 | PDF · Subscribers | |
| Reply Brief of Cortand Credit Lending Corporation filed November 10, 2025 | PDF · Subscribers | |
| Book of Authorities Opposing Receivership dated November 6, 2025 | PDF · Subscribers | |
Brief of Law Opposing Receivership dated November 6, 2025
| PDF · Subscribers | |
| Affidavit of Bryce Karl sworn November 5, 2025 | PDF · Subscribers | |
Affidavit of Deepak Alappatt sworn November 3, 2025
| PDF · Subscribers | |
| Book of Authorities of Cortand Credit Lending Corporation filed November 3, 2025 | PDF · Subscribers | |
| Brief of Cortand Credit Lending Corporation filed November 3, 2025 | PDF · Subscribers | |
| Consent to Act as Receiver dated November 3, 2025 | PDF · Subscribers | |
Receivership Application filed November 3, 2025
| PDF · Subscribers | |
Statement of Claim filed November 3, 2025
| 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., “Independent Renewable Resources Corp. and Independent Energy Holdings Inc.” (Receivership (court-appointed)), Court of King's Bench of Alberta. Retrieved 4 November 2026, https://proceedings.ca/case/independent-renewable-resources-corp-and-independent-energy-holdings-inc