Canadian Grain Commission Compensates Producers at 75% for Unpaid Deliveries to Global Food and Ingredients Inc.
The Canadian Grain Commission (CGC) has announced that it will compensate producers at 75% for unpaid deliveries of grain and oilseeds to Global Food and Ingredients Inc. (GFI).
Background:
- GFI was a licensed grain dealer in Saskatchewan that entered receivership on April 28, 2023.
- Producers with outstanding grain contracts with GFI were concerned about recovering their payments.
Compensation Program:
- The CGC has implemented a compensation program to assist producers who have unpaid deliveries to GFI.
- Producers are eligible for compensation up to 75% of the value of their unpaid deliveries.
- The compensation will be paid out of the CGC’s Grain Insolvency Fund, which is a fund established to protect producers in the event of a grain dealer insolvency.
Eligibility:
- To be eligible for compensation, producers must:
- Have a valid grain contract with GFI
- Have delivered grain or oilseeds to GFI
- Have not received full payment for their deliveries
Application Process:
- Producers can apply for compensation through the CGC’s Grain Insolvency Fund website.
- The application deadline is June 30, 2023.
Additional Support:
- The CGC is also providing additional support to producers affected by the GFI insolvency, including:
- Financial counseling
- Referral to other support services
Significance:
- The compensation program provides much-needed financial relief to producers who have been impacted by GFI’s insolvency.
- It demonstrates the CGC’s commitment to protecting producers in the Canadian grain industry.
- It underscores the importance of ensuring the financial stability of grain dealers and the need for grain producers to exercise caution when choosing a dealer.
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