THE LAND CONSERVANCY OF BC TO SEEK COURT SUPPORT TO FOLLOW
THROUGH ON ALREADY APPROVED PLAN
TLC will request permission to transfer conservation properties to the
Nature Conservancy of Canada and The Nature Trust of BC
FOR IMMEDIATE RELEASE: July 21, 2015
Victoria, BC – The Land Conservancy of B.C. (TLC) will seek the approval of the Supreme Court of B.C. to transfer 27 conservation properties to The Nature Trust of B.C. (TNTBC) and The Nature Conservancy of Canada (NCC) on July 28.
The transfers are identified in TLC’s approved Plan of Arrangement, the document, which details how and when secured and unsecured creditors will be paid. The Plan was endorsed by creditors with overwhelming support on March 30, 2015, and subsequently sanctioned by the Honourable Madame Justice Fitzpatrick of the Supreme Court of B.C. on April 2, 2015.
Properties to be transferred to NCC/TNTBC include South Winchelsea Island, Talking Mountain Ranch, Wycliffe Wildlife Corridor, and the Horsefly River Riparian Conservation Area, among others.
A technical change to TLC’s by-laws would have facilitated the transfer with member approval. This request was not supported due to concerns regarding the implications for Wildwood Ecoforest. Upon recommendation of legal counsel, TLC will request the Court lift the inalienable designation on the subject properties that are to be transferred to NCC/TNTBC. This will allow properties in the first tranche of the Plan to be transferred without any change in TLC’s bylaws and will keep TLC’s Plan of Arrangement on track.
According to the approved Plan of Arrangement, Wildwood Ecoforest is scheduled to be transferred in the second tranche of properties by April 2016 depending on completing due diligence and Court approval.
“The transfer of the 27 properties to NCC and TNTBC are critical to TLC’s ability to pay our creditors and protect our precious properties,” said John Shields, Director of Operations for TLC. “After two years of careful planning to get this far in our Plan, it is my hope our Court date will succeed in approving these important transfers.”
Funds from the sales of properties to NCC and TNTBC will pay TLC creditors according to the agreed upon Plan.
“The Board and I are so grateful to The Nature Trust of B.C. and The Nature Conservancy of Canada,” said Briony Penn, Chair of TLC’s Board of Directors. “TLC would not have found a solution to its financial difficulties without the support of such like-minded organizations.”
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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Media contacts: John Shields, TLC Director of Operations (250) 479-8053