THE LAND CONSERVANCY OF BC EMERGES FROM CREDITOR PROTECTION
Charity successfully completes Plan of Arrangement and Compromise with creditors
FOR IMMEDIATE RELEASE: March 6, 2017
Victoria, BC – The Land Conservancy of British Columbia (TLC) has successfully emerged from creditor protection having been issued its Certificate of Completion from the Supreme Court of British Columbia.
In October 2013 the Victoria-based charitable land trust sought creditor protection under the Companies’ Creditors Arrangement Act (CCAA) in an effort to fulfill obligations to creditors while protecting its properties to the fullest extent possible. The CCAA is federal legislation that grants an organization time to restructure while under the direction and protection of the Court.
Through TLC’s restructuring the organization was able to transfer 36 of its properties to other non-profits, individuals and various levels of government in order to ensure their continued stewardship and protection.
“In 2013, after considering all possible options, we concluded that only a Court supervised restructuring process would provide the best outcomes for creditors and our large portfolio of properties,” said Frances Pugh, Co-chair of TLC’s Board of Directors. “The Board and I are forever grateful to our partners in the conservation community for assisting us in finding the best stewards for these lands.”
TLC entered creditor protection with debts of more than $7 million. Through its transactions under CCAA, the organization has paid 7,306,534 to creditors and $2,408,385 to its legal counsel, the Court-appointed Monitor and the Monitor’s legal counsel. TLC received $230,369 in donated legal fees and $1,686,727 in creditor forgiveness.
With the latest payments to creditors issued, the Court has declared that TLC has fulfilled the obligations set out in the Plan of Arrangement and Compromise with creditors and is released and discharged from any and all indebtedness, obligations and liabilities.
“I wish to thank creditors sincerely for their patience as we have worked to achieve this goal,” said Cathy Armstrong, TLC Executive Director. “To our members, donors and volunteers: your continued support has made the difference. TLC exists today as a sustainable land trust dedicated to protecting places of ecological importance because of you.”
Only the second Canadian charity to complete the CCAA process and emerge successfully, TLC will continue to own seven properties, including Abkhazi Garden, and hold more than 240 conservation covenants throughout B.C.
Information about the organization’s CCAA proceedings, including copies of Court orders, is available on TLC’s website at conservancy.bc.ca.
TLC’s daily operations, managing conservation covenants and its remaining properties, continue under the leadership of Cathy Armstrong, who was named TLC Executive Director in December 2015.
For more information about TLC including volunteer opportunities and upcoming conservation events visit 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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Co-Chair, TLC Board of Directors