Alberta · Receivership (court-appointed)
Receivership Application filed November 3, 2025
Application / notice of application · 3 November 2025
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What we verified from this filing2 verified
- secured creditorsnote: Amount is total indebtedness outstanding under the Credit Facility as at Oct 17, 2025 (principal + accrued interest), exclusive of further accruing interest, fees, costs and expenses. Applicant states it is 'the first ranking and only secured creditor registered against the IRRC Land' and, per a Subordination and Postponement Agreement with Raptor Enterprises Inc., 'the first secured registrant with respect to all present and after-acquired property of IEH in Saskatchewan and Alberta.' Debtors have acknowledged the debt and validity/enforceability of all security under the Current Forbearance Agreement. · page: 3 · as of: 2025-10-17 · amount: 68353231.21 · debtor: Independent Renewable Resources Corp. and Independent Energy Holdings Inc. · creditor: Cortland Credit Lending Corporation · currency: CAD · security: General security agreements (IRRC GSA and IEH GSA) over all present and after-acquired personal property, perfected at Alberta and Saskatchewan PPR; collateral mortgage over IRRC Land (IRRC Mortgage) with registered/principal amount of $280,000,000.00 (registration ceiling, not a balance), perfected at Saskatchewan Land Titles Feb 23, 2022; share pledge agreements from IRRC and IEH; unlimited guarantee from IEH; environmental indemnity agreement; general assignment of material projects; transfer and assignment of insurance. Underlying Credit Facility limit was $49,500,000.00 plus an uncommitted $4,500,000.00 accordion (facility limits, not balances).
- secured creditorsnote: Raptor is a 10% shareholder of IRRC and also provided a limited recourse guarantee and share pledge to Cortland (as security for Cortland's loan, not evidence of Raptor's own debt claim). Document states 'there are other registrations as against the personal property of the Debtors, including that by Raptor' but does not state an amount; related party (shareholder) whose security is expressly subordinated to Cortland. · page: 9 · debtor: Independent Energy Holdings Inc. · creditor: Raptor Enterprises Inc. · currency: CAD · security: Holds registrations against the personal property of the Debtors; pursuant to a Subordination, Postponement and Standstill Agreement dated December 22, 2022, any and all security held by Raptor in the assets of IEH is postponed/subordinated in favour of Cortland's security interest in IEH.