THE LAND CONSERVANCY OF BC RECEIVES EXTENSION OF PROTECTION UNDER COMPANIES’ CREDITORS ARRANGEMENT ACT (CCAA)
Process of restructuring gets underway; TLC requests Court appointment to present offer on Binning House
FOR IMMEDIATE RELEASE: November 4, 2013
Victoria, BC – The Land Conservancy of BC has been given more time to develop a plan to repay its debts and protect properties under its care. TLC was granted an extension of the Stay Period under the Companies’ Creditors Arrangement Act (CCAA) to January 20, 2014. The extension builds on the initial Order for Stay of Proceedings granted to TLC on October 7, 2013 in BC Supreme Court. The extension demonstrates that both the Court appointed Monitor and the supervising judge have concluded that TLC continues to act in good faith and that its restructuring efforts are moving in an appropriate direction.
Under CCAA, TLC is working with land consultants to assess its properties and develop a plan consistent with TLC’s conservancy mandate and its objective to repay creditors to the greatest extent possible. This involves identifying and prioritizing properties which are most suitable for sale while being mindful of the potential implications arising under trust law and Charitable Purposes Preservation Act (CPPA).
A parking lot adjacent to Abkhazi Gardens in Victoria and Keating Farm Estate in the Cowichan Valley are two properties that have been identified for potential sale. The Abkhazi parking lot has no ecological or historical value. Keating Farm is in the Agricultural Land Reserve, a protective designation that will remain in place if it is sold. TLC had previously listed for sale a residential property in Sechelt, which remains on the market.
In its first report to the Court, Wolrige Mahon Ltd., the court ordered monitor for TLC’s CCAA proceedings, incorrectly listed Madrona Farms in Saanich as a potential asset to sell in the near term. That property is not being offered for sale. Counsel for Wolrige Mahon notified the Court of the error.
“TLC’s objective is to repay all creditors to the greatest extent possible while also preserving properties with their protective covenants in place,” said John Shields, Director of Operations for TLC. “Properties were taken into TLC’s portfolio without a clear plan as to how the costs of maintenance and protection would be met. Under CCAA, our intention is to definitively resolve TLC’s long-standing financial problems – and to repay all creditors to the greatest extent possible — while protecting as many properties as possible. This work is underway now and we are extremely optimistic that we will be successful.”
TLC also requested another Court appointment to present an offer for purchase for Binning House in West Vancouver. Details regarding the offer will be presented to the Judge on November 18, 2013.
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 www.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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