Proceedings.

Kalum River Contracting Ltd. & AC Airways Ltd.

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Proceeding
Receivership (court-appointed)Section 243(1) of the Bankruptcy and Insolvency Act and Section 39 of the Law and Equity Act
Court
Supreme Court of British Columbia
File
VLC-S-S-257819
Industry
Transportation & logistics · Aviation
Filings held17
Last activity24 Jul 2026
On the record381 days
Secured debtSubscribers
OverviewSummary updated

Kalum River Contracting Ltd. and AC Airways Ltd. were placed in court-appointed receivership in the Supreme Court of British Columbia on October 20, 2025 on the application of Business Development Bank of Canada. The bank advanced an original loan of $1,100,000 to Kalum River Contracting Ltd. and reported an outstanding balance of $1,094,398.53 as at August 18, 2025, together with accrued interest. Its security comprises General Security Agreements dated April 29, 2024 over all present and after-acquired personal property, a purchase money security interest against each aircraft, and Assignment of Aircraft Lease Agreements dated April 24, 2024. The proceeding is carried under court file no. SE257819 and remains active.

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Case updates17 dated entries
#Order

The court appointed Crowe MacKay & Company Ltd. as Receiver and Manager, on the application of BUSINESS DEVELOPMENT BANK OF CANADA. Court file 5257819.

Source: Order Made After Application

AnalysisAll insights⁠

Case update

Kalum River: two float-plane sales below the 2023 appraisals

BDC lent Kalum River Contracting $1,100,000 in April 2024 to buy, among other things, three float planes for a planned AC Airways charter service. In receivership, the court has approved sales of two: the 1979 Skywagon for C$276,500 and the 1951 Beaver for US$300,000, against 2023 appraisals of C$359,032 and C$506,985.

Parties

Debtor

Kalum River Contracting Ltd. & AC Airways Ltd.

Receiver

Crowe MacKay

Capital structureAs asserted in the filings
Priority classCreditorAmountSource
SecuredBusiness Development Bank of Canada · in 251 casesGeneral Security Agreements dated April 29, 2024 over all present and after-acquired personal property, plus purchase money security interest against each Aircraft; Assignment of Aircraft Lease Agreements dated April 24, 2024 — Original loan advanced was $1,100,000; amount reported is the exact outstanding balance as at August 18, 2025, together with accrued interest thereon — debtor: Kalum River Contracting Ltd. · as of 18 Aug 2025$1.09MReceiver's First Report to Court - Filed May 22, 2026

This 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 processPer the transactions

2 transactions · 2 approvedOrder Made After Application – Approval of Sale of C-FIAX · 24 Jul 2026

PurchaserPriceStatusSource
Whitewater Nature Tours and Expeditions Ltd.the assets described in Schedule A of the PSA (the 'Purchased Assets') · asset sale · agreement 13 Apr 2026SubscribersApproved9 Jun 2026Order Made After Application – Approval of Sale…
Bilton Holding Corporationthe assets more substantially described in Schedules A and A-1 of the PSA (the "Purchased Assets") · asset sale · agreement 30 Jun 2026SubscribersApproved24 Jul 2026Order Made After Application – Approval of Sale…
Closing termsVesting occurs upon delivery of the Receiver's Certificate confirming payment of the Purchase Price and satisfaction of closing conditions; possession delivered on the Closing Date; Closing Date may be extended by consent of Receiver and Purchaser without further order.Order Made After Application – Approval of Sale of C-FIAX
Documents
17 filings
DateDocumentFile
Order Made After Application – Approval of Sale of C-FIAX
  • Closing terms Vesting occurs upon delivery of the Receiver's Certificate confirming payment of the Purchase Price and satisfaction of closing conditions; possession delivered on the Closing Date; Closing Date may be extended by consent of Receiver and Purchaser without further order.
  • Order date 24 July 2026
  • Purchaser Bilton Holding Corporation · the assets more substantially described in Schedules A and A-1 of the PSA (the "Purchased Assets") · asset sale · approved
  • Stalking horse Subscribers
PDF · Subscribers
Affidavit #2 of Derek Lai - filed July 10, 2026PDF · Subscribers
Affidavit #2 of Terry Forsyth - filed July 10, 2026PDF · Subscribers
Notice of Application – Filed July 10, 2026PDF · Subscribers
Receiver's Second Report to Court - filed July 10, 2026PDF · Subscribers
Order Made After Application – Approval of Sale of C-GDIR
  • Closing terms Possession delivered on Closing Date subject to permitted encumbrances; Receiver with Purchaser's consent may extend Closing Date without further Court order
  • Order date 9 June 2026
  • Purchaser Whitewater Nature Tours and Expeditions Ltd. · the assets described in Schedule A of the PSA (the 'Purchased Assets') · asset sale · approved
  • Stalking horse Subscribers
PDF · Subscribers
Affidavit #1 of Derek Lai - Filed May 22, 2026PDF · Subscribers
Affidavit #1 of Terry Forsyth - Filed May 22, 2026PDF · Subscribers
Notice of Application – Filed May 22, 2026
  • Applicant Crowe MacKay & Company Ltd., in its capacity as Receiver, without security, over certain assets, undertakings and properties of the Respondents, Kalum River Contracting Ltd. and AC Airways Ltd.
  • Appointee Crowe MacKay & Company Ltd.
  • Appointee role Receiver and Manager
  • Court IN THE SUPREME COURT OF BRITISH COLUMBIA
  • + 2 more extracted facts
PDF · Subscribers
Notice of Hearing – Filed May 22, 2026PDF · Subscribers
Receiver's First Report to Court - Filed May 22, 2026
  • Financial position · Secured creditors · Unsecured creditors Subscribers
PDF · Subscribers
Requisition – General Statement of Relief Sought – Filed May 22, 2026PDF · Subscribers
Affidavit #1 of Douglas Hyndman - filed October 20, 2025PDF · Subscribers
Affidavit #1 of Lawrence Lee - filed October 20, 2025PDF · Subscribers
Affidavit #1 of Peter Powers - filed October 20, 2025PDF · Subscribers
Exparte Notice of Application - filed October 20, 2025
  • Applicant BUSINESS DEVELOPMENT BANK OF CANADA
  • Court SUPREME COURT OF BRITISH COLUMBIA
  • Court file no SE257819
PDF · Subscribers
Order Made After Application
  • Applicant BUSINESS DEVELOPMENT BANK OF CANADA
  • Appointee Crowe MacKay & Company Ltd.
  • Appointee role Receiver and Manager
  • Commencement date 20 October 2025
  • + 3 more extracted facts
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., “Kalum River Contracting Ltd. & AC Airways Ltd.” (Receivership (court-appointed)), Supreme Court of British Columbia. Retrieved 4 November 2026, https://proceedings.ca/case/kalum-river-contracting-ltd-ac-airways-ltd

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Sources last checked · summary updated 1 September 2026 · Report a correction · Printed from proceedings.ca/case/kalum-river-contracting-ltd-ac-airways-ltd

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.