SUPREME COURT OF B.C. APPROVES SALE OF
6% UNDIVIDED INTEREST IN MALTBY LAKE
FOR IMMEDIATE RELEASE: November 14, 2016
Victoria, BC – The Land Conservancy of B.C. (TLC) has received Supreme Court of B.C. approval to transfer its 6% undivided interest in Maltby Lake in Saanich to the Friends of Maltby Lake Watershed Society (3%) and Carmel and Woody Thomson (3%) for $260,000. The sale is scheduled to close by November 18.
The Friends of Maltby Lake Watershed Society is a local conservation group supported by the community for the purpose of conserving the watershed ecosystems draining into and from Maltby Lake.
The sale will see the original donor’s intentions upheld and the site protected. TLC received 35% undivided interest as part of the estate of Catherine Holmes in 2009. On May 1, 2015, TLC transferred 29% of its undivided interest in Maltby Lake to Catherine Holmes’ family members, Woody and Carmel Thomson. The Thomson’s offer included a protected area designation upon any partition or subdivision of the property.
“The Board of Directors and I are thrilled to have this agreement for Maltby Lake approved by the Court today,” said Cathy Armstrong, TLC’s Executive Director. “The lake and its surrounding area are a near-pristine ecosystem with several rare species including blue herons and red-legged frogs. It is a place of importance here in Victoria and we are so happy that it will remain protected.”
“The board of the Friends of Maltby Lake Watershed Society (FMLWS) are extremely pleased with the order issued today in the Supreme Court of British Columbia by Justice Fitzpatrick. The FMLWS will now hold 3% of the lands around Maltby Lake; with the goal of preservation and protection of this magnificent, pristine lake situated at the headwaters of the Tod Creek Watershed. The FMLWS will now be able to turn our attention to working on those goals with the long-time stewards of the lands, Carmel and Woody Thomson,” said Joan Hendrick, President of The Friends of Maltby Lake Watershed Society. “We want to thank the many individuals who made donations, large and small and the dedicated conservation groups who have provided their support and guidance.”
The Court ruling further advanced the organization’s goals within the Companies’ Creditors Arrangement Act (CCAA) process to pay creditors and to ensure that the properties remain protected to the greatest extent possible. Funds from the sale will pay TLC’s creditors as per the organization’s Plan of Arrangement and Compromise (POA).
Having completed all but two of the transactions contemplated in the POA, the sale of densities zoned on Abkhazi Garden and the transfer of Wildwood Ecoforest, TLC will be meeting with creditors in early December to seek approval to exit the CCAA process.
Upon conclusion of the CCAA process TLC will continue to protect sensitive ecosystems throughout B.C. through the monitoring and enforcement of more than 230 conservation covenants.
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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The Land Conservancy of B.C.
Office (250) 479-8053
Cell (250) 588-4945