THE LAND CONSERVANCY OF BC GRANTED PROTECTION UNDER COMPANIES’ CREDITORS ARRANGEMENT ACT (CCAA)
CCAA creates best opportunity for a financial solution and positive outcome for properties and creditors
FOR IMMEDIATE RELEASE: October 8, 2013
Victoria, BC — For the past year, The Land Conservancy of British Columbia (TLC) has been exploring options to restructure the organization, protect as many properties as possible, and pay off debts. After considering all possible options, TLC has concluded that only a court supervised restructuring process will provide the outcomes it has been working towards. The Board of Directors of TLC is confident that it has chosen the only process that can deal with the large number of unique properties and creditors in a way that ensures the best outcomes for all.
The legislation that TLC has utilized for this process is the Companies’ Creditors Arrangement Act (CCAA). The CCAA is federal government legislation that grants an organization time to restructure while under the direction and protection of the Court. The prime benefit for TLC of filing for protection under the CCAA is that it provides a stay of proceedings, wherein creditors and other stakeholders cannot take legal action against TLC without permission from the Court. The Court must also approve any actions regarding the disposition or conveyance of the properties that TLC holds in its portfolio.
TLC was granted the order in Vancouver from the BC Supreme Court under the CCAA on October 7, 2013.
“Filing for CCAA protection allows TLC to find a solution for our current financial problems,” said Alastair Craighead, Chair of the Board of Directors. “The Board has explored every option and done everything possible under existing conditions. This is the only option which can deal with the large number of properties and creditors in a way that ensures the best outcomes for all.”
TLC’s primary mandate is to benefit the community by protecting habitat for natural communities of plants and animals. TLC is committed to protecting as many of these properties as possible. TLC is also committed to keeping its membership informed as it goes through this restructuring process. TLC’s daily operations, managing covenants and properties, will continue uninterrupted under the leadership of John Shields, who joined TLC as Director of Operations in August 2013.
Pursuant to the initial order, Wolrige Mahon Limited has been appointed as Monitor in the CCAA proceedings. The “Monitor” reviews the restructuring process and reports back to the Court.
Inquiries regarding the CCAA proceedings may be directed to the TLC office at firstname.lastname@example.org. Information about the organization’s CCAA proceedings, including copies of all court orders, will be available on the TLC website at conservancy.bc.ca.
About The Land Conservancy of BC:
The Land Conservancy of BC (TLC) is a non-profit, charitable Land Trust working throughout British Columbia. TLC’s primary mandate is to benefit the community by protecting habitat for natural communities of plants and animals. Founded in 1997, TLC is membership-based and governed by an elected, volunteer Board of Directors. TLC relies on a strong membership and volunteer base to help maintain its operations.
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