Canada All National News,Canadian Grain Commission compensates producers at 75% for unpaid deliveries to Global Food and Ingredients Inc.

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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.

Canadian Grain Commission compensates producers at 75% for unpaid deliveries to Global Food and Ingredients Inc.

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