Companies’ Creditors Arrangement Act (CCAA)

Update on the Companies' Creditors Arrangement Act (CCAA) Proceedings

On March 6, 2017, The Land Conservancy of British Columbia (TLC) successfully emerged from creditor protection having been issued its Certificate of Completion from the Supreme Court of British Columbia.

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 Revised Plan of Arrangement and Compromise with creditors and is released and discharged from any and all indebtedness, obligations and liabilities. For more details please view the news release.

After exploring every option available under existing conditions to achieve The Land Conservancy of British Columbia’s organizational goals, on October 7, 2013, TLC filed for protection under the Companies Creditors Arrangement Act (CCAA) to definitively resolve the organization’s long-standing financial problems while protecting its portfolio of properties to the greatest extent possible. 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. The CCAA process was conducted under the review of an independent, Court appointed Monitor and under the supervision of a judge of the Supreme Court of British Columbia.

Creditor Claims Process

The Court appointed Monitor, Wolrige Mahon Limited, oversaw the court approved process to determine the nature and quantum of the claims against TLC to facilitate the distribution of monies realized from TLC’s assets. As part of this process, each person with a claim against TLC had to prove their claim to the Monitor. For details on the claims process please visit the Monitor’s website wmltrustees.com. Please direct any questions you may have regarding claims to Gord McMorran at (604) 684-6212.

The necessary forms were to be completed and returned to the Monitor by April 25, 2014, to participate in a distribution of funds from the assets of TLC.

On February 23, 2015, the Court issued a Meeting and Process Order, confirming that TLC was to convene a meeting of creditors to consider the Plan of Arrangement on March 30, 2015. Each of the creditor classes set out in the Plan, being the secured creditor class and the unsecured creditor class, have voted in favour of acceptance of the Plan (as filed and as set out in the Meeting and Process Order) by the requisite majorities.

Having received approval of the Plan from its creditors, TLC made its application to the Court on April 2, 2015, for a Sanction Order. The Supreme Court of B.C. approved the Plan of Arrangement as agreed upon by The Land Conservancy of B.C. (TLC) and its creditors.

A meeting of creditors was held on December 2, 2016, at the Sandman Inn, 2852 Douglas Street, Victoria, B.C., at 11:00 a.m., for the purpose of considering and voting on TLC’s Revised Plan of Compromise and Arrangement. Creditors voted in favour of the Revised Plan of Arrangement. For details on the Revised Plan of Arrangement please view the Notice to Creditors. For details regarding the meeting and vote please view the Monitor’s 25th Report to the Court.

The Supreme Court of British Columbia sanctioned TLC’s Revised Plan of Arrangement on Monday, January 16, 2017. Upon Court sanctioning creditors were granted a 30 day appeal window. On February 16, 2017, having passed the 30 day appeal deadline, TLC and its legal counsel issued payments to creditors as agreed upon in the Revised Plan of Arrangement.

On March 6, 2017, The Land Conservancy of British Columbia was issued its Certificate of Completion from the Supreme Court of British Columbia having completed the Revised Plan of Arrangement with creditors. The organization has now completed the CCAA process and emerged successfully from creditor protection.

Property Transactions and Payments

See TLC’s Revised Plan of Arrangement for more details regarding the payment of creditors and the transfer of properties.

Property Transactions

· Sale of Keating Farm Estate to Georgios and Rebecca Papadopoulos, who plan to restore the farm house and work with tenant farmers to farm the land currently in the Agricultural Land Reserve (ALR). Completed
· Transfer of Eagle Bluff to South Okanagan Rehabiliation Centre for Owls (SORCO). Completed
· Sale of Development property in Sechelt. Completed
· Sale of 29% undivided interest in Maltby Lake to Woody and Carmel Thomson. The Thomsons, family of the original donor, wish to see the environmentally sensitive land protected. Completed
· Transfer of three parcels at the Sooke Potholes to the Capital Regional District. TLC’s parcels will become part of the CRD’s Sooke Potholes Regional Park. Completed
· Transfer of TLC’s 50% undivided interest in a Chemainus River property to the Cowichan Valley Regional District to create a riparian park. Completed
· Sale of Monks Point to the District of Tofino Completed
· Sale of 27 properties to the Nature Conservancy of Canada and the Nature Trust of B.C. Completed
· Sale of Ross Bay Villa to the Ross Bay Villa Society. Completed
· Transfer of Hardy Mountain Doukhobour Village to the Regional District of Kootenay Boundary. A heritage bylaw has been passed by the Regional District, further protecting the site. Completed
· Qualicum Bat House to 2nd mortgage holder, 0793468 B.C. Ltd. Completed
· Recovery of legal fees as directed from the British Columbia Court of Appeal in the Binning House decision. Completed
· Receipt of the final distribution of funds from the Poole Estate. Completed
· Transfer of densities from Abkhazi Garden
· Sale of 6% undivided interest in Maltby Lake Completed
· Sale of Wildwood Ecoforest Completed
· Transfer of Lohbrunner Farm Completed
· Transfer of Kogawa House to City of Vancouver Completed

Creditor Payments

· Payment of 3rd Party Administrative Charges Completed
· Payment of Debtor In Possession Loan Completed
· Payment of Municipal Taxes Completed
· Forgiveness of $1,075,000 Completed
· Payment of mortgage on Ross Bay Villa Completed
· Payment of mortgage on Hardy Mountain Completed
· Payment of mortgages on Abkhazi Gardens Completed
· Payment of 1st mortgage on Qualicum Bat House Completed
· Payment of mortgage on Horsefly River Completed
· Payment of mortgage on Wycliffe/Luke Creek Completed
· Payment of mortgage on Cowichan River Completed
· Payment of mortgage on the Historic Joy Kogawa House Completed
· First payment to unsecured creditors Completed
· Second payment to unsecured creditors Completed

Judgments from the Court

On December 12, 2016, Madam Justice Fitzpatrick issued her approval of the transfer of Wildwood Ecoforest to the Ecoforestry Institute Society. View her Reasons for Judgment.

On July 28, 2015, Madam Justice Fitzpatrick approved the transfer of 26 properties to the Nature Conservancy of Canada and 1 property to The Nature Trust of British Columbia. View her Reasons for Judgment.

On December 3, 2014, the Court of Appeal for BC issued a judgment regarding Binning House. View the Court of Appeal Decision.

On Thursday, May 15, 2014, Madam Justice Fitzpatrick issued an Order approving the sale of 5535 Shorncliff Avenue, Sechelt. View the Order.

On Thursday, March 27, 2014, Madam Justice Fitzpatrick issued an Order approving the sale of Eagle Bluff. View the Order.

On Friday, March 7, 2014, Madam Justice Gerow issued an Order approving the sale of Keating Farm Estate in Duncan. View the Order.

Wednesday, January 22, 2014, Madam Justice Fitzpatrick issued her reasons for decision on TLC’s application for Court approval of the proposed sale of Binning House.

Reports to the Court

For more details from the Monitor including court orders please visit Wolrige Mahon Limited’s website.

Monitor’s 25th Report to the Court, December 5, 2016.
Monitor’s 24rd Report to the Court, November 3, 2016.
Monitor’s 23rd Report to the Court, October 24, 2016.
Monitor’s 22nd Report to the Court, October 20, 2016.
Monitor’s 21st Report to the Court, October 6, 2016.
Monitor’s 20th Report to the Court, September 19, 2016.
Monitor’s 19th Report to the Court, July 6, 2016.
Monitor’s 18th Report to the Court, April 12, 2016.
Monitor’s 17th Report to the Court, January 12, 2016.
Monitor’s 16th Report to the Court, October 9, 2015.
Monitor’s 15th Report to the Court, July 10, 2015.
Monitor’s 14th Report to the Court, March 31, 2015.
Monitor’s 13th Report to the Court, February 19, 2015.
Monitor’s 12th Report to the Court, January 28, 2015.
Monitor’s 11th Report to the Court, December 12, 2014.
Monitor’s 10th Report to the Court, October 15, 2014.
Monitor’s 9th Report to the Court, June 19, 2014.
Monitor’s 8th Report to the Court , May 26, 2014.
Monitor’s 7th Report to the Court, May 12, 2014.
Monitor’s 6th Report to the Court, April 17, 2014.
Monitor’s 5th Report to the Court, February 27, 2014.
Monitor’s 4th Report to the Court, January 16, 2014.
Monitor’s 3rd Report to the Court, November 28, 2013.
Monitor’s 2nd Report to the Court, November 14, 2013.
Monitor’s 1st Report to the Court, October 30, 2013.

Frequently Asked Questions

View answers from the Board of Directors to frequently asked questions regarding the CCAA Process. For more details view TLC’s Media Backgrounder. For more details from the Monitor including court orders please visit Wolrige Mahon Limited’s website.

Previous TLC Posts and Press Releases regarding the CCAA Process

The Land Conservancy of BC Emerges from Creditor Protection
Creditors Vote for TLC to Exit CCAA
Supreme Court of BC Approves Transfer of Wildwood Ecoforest
Supreme Court of BC Approves Sale of 6% Undivided Interest in Maltby Lake
Supreme Court of BC Approves Sale of Kogawa House
The Land Conservancy of BC Accepts Purchase and Sale Agreement for Wildwood Ecoforest from Merv Wilkinson’s Apprentice
The Land Conservancy of BC Signs Sale Agreement with Ecoforestry Institute Society for Wildwood Ecoforest
$1 million to preserve and protect B.C. conservation lands
Ross Bay Villa Transfers to Volunteer Society
TLC Transfers 28 Properties to Conservation Organizations and Regional District
BC Court Approves Transfer of Conservation Properties Setting TLC on Path to Realize Restructuring Plan
TLC will request Court permission to transfer conservation properties to the Nature Conservancy of Canada and The Nature Trust of BC
Member Donation Helps Pay Down Abkhazi Garden Mortgage; Sale of TLC’s Hardy Mountain Doukhobor Village furthers debt elimination goal
Proposed Bylaw Amendment Fails at Extraordinary General Meeting
The Land Conservancy of BC and Ecoforestry Institute Society to Create Committee Regarding Future of Wildwood
TLC Transfers 29% Ownership of Maltby Lake
TLC To Transfer Sooke Potholes Campground to the CRD
TLC Transfers Interest in Chemainus River Property to CVRD
Plan of Arrangement Approved by Creditors and Supreme Court of BC
TLC’s Plan of Arrangement Filed with Supreme Court of BC
The Land Conservancy of BC’s Eagle Bluff Sale Approved by the Supreme Court of BC
Keating Farm Estate Sale Approved by the Supreme Court of BC
The Land Conservancy of BC Appoints New Acting Chair and Vice-Chair to Board of Directors.
TLC Receives Extension of Protection Under Companies’ Creditors Arrangement Act (CCAA)
The Land Conservancy of BC Granted Protection Under Companies’ Creditors Arrangement Act (CCAA).
View the Court Order.

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Companies’ Creditors Arrangement Act (CCAA)

Update on the Companies' Creditors Arrangement Act (CCAA) Proceedings

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