The Land Conservancy of British Columbia has won an extension for creditor protection to Feb. 2, according to monitor Wolrige Mahon Ltd.
The Victoria-based non-profit organization originally went into creditor protection in October 2013 with debts of $7.5 million. It owns about 50 properties throughout B.C., including Abkhazi Garden and historic Ross Bay Villa in Victoria, Madrona Farm in Saanich and South Winchelsea Island.
Once a B.C. Supreme Court judge gives the go-ahead, the monitor overseeing TLC can call creditors for a meeting to outline its proposal. Lawyers for TLC have given the monitor a framework for restructuring the organization, the latest report from the monitor states.
TLC’s operating cash flow from June to Sept. 30 was up to $466,939, the October report said.
This positive result is due to bequests as well as revenue from memberships and donations, the report said. Membership and donation revenue came in $236,047 higher than expected.
As well, $747,177 was received from selling a development site in Sechelt, allowing secured creditors for that property to be repaid $249,589. The remainder went to outstanding fees owed lawyers and the monitor.
Projections indicate TLC will have enough money to run the operation to the end of January, including interest on loans but not including payments for legal costs or to the monitor, the report said. More than $500,000 has been repaid on other debts.
Details about the status of TLC properties are described as confidential and are not included in the report.
Opposition has arisen in a number of cases when TLC announced it was considering selling particular sites.
West Vancouver’s historic Binning House is the most high-profile example. A fight has ensued over who has a stake in the property, based on terms of a will. TLC took ownership of the property in 2008 and decided to sell it to a businessman for $1.6 million to help pay off debts. But the University of B.C. has argued that if the house — an example of early modern architecture — is not kept up as a heritage property, then money should go to the university when it is sold.
The B.C. Supreme Court ruled that TLC had the property rights, but put the sale on hold. UBC filed an appeal, which is scheduled to be heard Friday.
Meanwhile, TLC’s annual general meeting is planned for Nov. 29, from 1 to 4 p.m., in the Student Union Building at the University of Victoria.
