News and Project Update (Sept 29 2015)
At a meeting of members held on Sat. Sept 26 2015, the Whitchurch Stouffville Community Energy Co-operative Board of Directors informed those in attendance that the Co-operative has been assigned to bankruptcy. In short, the business of the co-operative has been wound up. Our closing affairs will be administered entirely through a Trustee - Harris & Partners.
The decision by the Town Council not to support our project means that the project is not viable as we no longer can construct the project on the Clippers Sports Complex. The business of the Coop, by regulation, is limited to generation of renewable energy. There is no opportunity to keep the corporation operating. The assignment to bankruptcy is the best solution for the Coop and its supporters in that it will: 1) minimize on-going costs and 2) it is a transparent and clear process.
Founders Club members, who are unsecured creditors, will be receiving correspondence from Harris & Partners respecting a Statement of Claim as well as notice of a required Creditors meeting to be held on Oct 15, 2015 in their offices. Details will be in the correspondence from Harris & Partners.
To our 110 members, the Board of Directors graciously thanks you for your 5 (five) years of support and encouragement. We will be shutting down our website within the next week.
As I said in our last correspondence to you, “There is nothing more powerful than a community discovering what it cares about.” We discovered that we cared about each other – the Coop and the solar project were simply a way of expressing this. It is unfortunate that our Town Council did not see us in the same light – as a community partner.
In the light of pressing issues associated with changing climate, our community needs to give greater attention to living sustainably. I am confident through the network we have created other actions and leadership will rise from the grass roots community.
Your Former Board of Directors