British Columbia Discovery Fund Inc. (formerly British Columbia Discovery Fund (VCC) Inc.) Provides Update on Liquidation Proceedings
VANCOUVER, British Columbia, Oct. 03, 2025 (GLOBE NEWSWIRE) -- British Columbia Discovery Fund Inc., (formerly British Columbia Discovery Fund (VCC) Inc.) (the “Fund”), by MNP Ltd. (formerly The Bowra Group Inc.) in its capacity as liquidator of the Fund (the “Liquidator”), provides the following update as to the liquidation proceedings of the Fund.
Pricing Net Asset Value per Class A Common Share is $0.11 as at August 31, 2025 compared to $0.11 as at December 31, 2024.
The Pricing Net Asset Value has not changed as the Liquidator has accrued a reserve for costs to complete the Liquidation, including expenses incurred during the period.
The Liquidator obtained a clearance certificate from the Canada Revenue Agency in July 2025.
The Liquidator is now seeking authority to complete the liquidation of the Fund, including approval of a final distribution to shareholders, and its discharge via an application for an order in the Supreme Court of British Columbia, scheduled for October 28, 2025 (the “Discharge Application”).
As part of the Discharge Application the Liquidator will seek an order approving:
- Payment of a final distribution to shareholders;
- Approval to wind up and dissolve the Fund;
- Approval of the activities of the Liquidator and all fees and expense incurred in the liquidation including all professional fees incurred by the Liquidator and its legal counsel; and
- An order releasing the Liquidator from any liability arising from its conduct as Liquidator.
Details of the Discharge Application including all Court materials, Liquidator’s Report to Court and the proposed form of Discharge Order are posted on the Liquidator’s website, found at:
https://mnpdebt.ca/en/corporate/corporate-engagements/british-columbia-discovery-fund-inc
Subject to the Court’s approval of the Application, the Liquidator intends to pay a final distribution in November 2025 and effect the wind up and dissolution of the Fund in 2025.
In anticipation of the payment of the final distribution, the Liquidator is suspending all share redemption requests after September 30, 2025.
The Liquidator estimates a final distribution to shareholders of $0.11 per share will be available subject to final calculation. However, the timing and amount of any final liquidation distribution cannot be assured. See ‘Risk Factors and Forward-Looking Information’ below.
Further details of the sale of the Fund’s investments and distribution to shareholders are contained in earlier press releases.
Updates and materials related to the Fund’s liquidation proceedings can be found on the Liquidator’s website at: https://mnpdebt.ca/en/corporate/corporate-engagements/british-columbia-discovery-fund-inc. The Liquidator will continue to make available on its website additional information and updates on the status of the Fund’s liquidation proceedings.
Risk Factors and Forward-Looking Information
This news release may include statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. The issuer cautions that actual performance will be affected by a number of factors, many of which are beyond the control of the Liquidator. Certain risks include but are not limited to those described in the paragraphs below.
The Fund cannot assure its shareholders of the timing or amount of any final liquidation distributions.
The Fund continues to incur expenses that will reduce the value of any liquidation distributions; if the Fund fails to retain sufficient funds to pay the expenses and liabilities actually owed to the Fund’s creditors, each shareholder receiving liquidation distributions could be held liable for payment to the Fund’s creditors, of his, her or its pro rata share of any shortfall, up to the amount actually distributed to each shareholder; if, at the time of a distribution to shareholders, the Fund cannot pass statutory solvency tests, the distribution may be prohibited; there are no assurances that the Liquidator will achieve the same financial results that management might achieve if it had continued as the manager of the Fund; the tax treatment of liquidation distributions may vary from shareholder to shareholder, and shareholders should consult their own tax advisors; and the Class A Shares may, in certain circumstances, cease to be ‘‘qualified investments’’ for “registered plans” for the purposes of the Income Tax Act (Canada).
See “Risk Factors” in the information circular of the Fund dated May 22, 2020 and available on www.sedar.com.
Additional Information
Additional information relating to the Fund’s liquidation and associated matters is contained in the information circular of the Fund dated May 22, 2020, which is available on SEDAR at www.sedar.com.
MNP Ltd. Is one of the largest corporate insolvency practices in Canada and a subsidiary of national professional services firm MNP LLP. The Bowra Group merged with MNP Ltd. effective December 1, 2022. MNP Ltd. (formerly The Bowra Group Inc.) will continue to act as a Liquidator of the Fund and there will be no changes unless otherwise noted.
Further information about MNP Ltd. (formerly The Bowra Group Inc.) and updates to shareholders and information on the liquidation of the Fund can be found at
Gordon Brown
MNP Ltd. (formerly The Bowra Group Inc.)
Suite 1630 – 609 Granville Street,
Vancouver, B.C. V7Y 1G5
Phone: 604-689-8939
Email : insolvencyinfoTBG@mnp.ca
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