Saskatchewan · Receivership (court-appointed)
Originating Application (Appointment of a Receiver)
Application / notice of application · 3 September 2025
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 filing9 verified
- applicantBUFFALO RIVER DEVELOPMENT LP, by its general partner, BUFFALO RIVER ENTERPRISES CORP.
- courtCOURT OF KING'S BENCH FOR SASKATCHEWAN IN BANKRUPTCY AND INSOLVENCY
- court file noKBG-SA-01084-2025
- appointeeBDO Canada Limited
- appointee rolereceiver
- statutory basissection 243 of the Bankruptcy and Insolvency Act, section 10-15 of The King's Bench Act, and section 64(8) of the Personal Property Security Act, 1993
- secured creditorsnote: BREC is the majority shareholder of 994 (153 of 205 Class A shares) - related party. Interest accrues at 12% per annum plus BREC's legal costs/disbursements. Half of the Promissory Notes matured March 14, 2025 and remain unpaid. BREC demanded payment and served BIA s.244 notice on August 29, 2025. · page: 3 · as of: May 9, 2024 (aggregate advances made between March 8, 2024 and May 9, 2024) · amount: 6852000 · debtor: 102056994 Saskatchewan Ltd. · creditor: Buffalo River Development LP, by its general partner Buffalo River Enterprises Corp. (BREC) · currency: CAD · security: 994 GSA dated April 9, 2024 - security interest in all present and after-acquired personal property of 994; also security interest in 994's shares in ThreeOSix granted under the March 8, 2024 promissory note. Separately, the 994 Loan Agreement (Mar 8/2024, amended Mar 14/2024) provided for maximum indebtedness of $4 million (facility limit, not a drawn balance, and separate from the Promissory Notes).
- secured creditorsnote: BREC purchased ThreeOSix's $3,917,257.72 debt owing to the Bank of Montreal and took an assignment of BMO's security for the same. · page: 4 · as of: May 13, 2024 (as amended October 31, 2024) · amount: 3917257.72 · debtor: ThreeOSix Industrial Services Inc. · creditor: Buffalo River Development LP, by its general partner Buffalo River Enterprises Corp. (BREC) (as assignee of Bank of Montreal) · currency: CAD · security: Security assigned from Bank of Montreal pursuant to an assignment agreement dated May 13, 2024, as amended and restated October 31, 2024
- secured creditorsnote: The $4 million figure is a guarantee ceiling, not a stated outstanding balance. BREC demanded payment from ThreeOSix under the Guarantee and served BIA s.244 notice on August 29, 2025. · page: 4 · debtor: ThreeOSix Industrial Services Inc. · creditor: Buffalo River Development LP, by its general partner Buffalo River Enterprises Corp. (BREC) · currency: CAD · security: ThreeOSix GSA dated April 9, 2024 - security interest in all present and after-acquired personal property of ThreeOSix, granted as security for the ThreeOSix Guarantee (dated April 9, 2024), under which ThreeOSix guaranteed repayment of 994's indebtedness to BREC up to a maximum of $4 million plus interest and costs.