The Land Conservancy of BC emerges from creditor protection
It's been a long road for The Land Conservancy of BC, after money trouble forced them into creditor protection back in 2013.
But now TLC has successfully emerged from creditor protection and have been issued a "Certificate of Completion" from the Supreme Court of British Columbia.
The Victoria based land trust owed more than $7-million dollars to creditors when they went into court supervised restructuring. To dig themselves out, they've sold or transferred about 36 properties but TLC says they continue to own seven properties, including Abkhazi Garden in Victoria. They also still hold more than 240 conservation covenants throughout BC.
TLC says in a statement that they're only the second Canadian charity to emerge from this kind of restructuring under the "Companies’ Creditors Arrangement Act."