30:
226:
The Act is significant in that it is based on creditors and applicant farmers coming to a voluntary arrangement.... The government has recognized that many insolvent farmers must leave the industry and that only commercially-viable farmers will be assisted by this Act. All applicants are provided
163:
Farm credit increased significantly in the late 1970s as
Canadian farmers expanded their operations to meet greater world demand with expectations of continuing high commodity prices for their production. In the early 1980s, prices collapsed, and annual interest rates suddenly rose from 10% to as
289:
as well as commercial farmers, and the stay of proceedings applied to all the farmer's assets, whether connected to the farm or not. As well, a stay of proceedings under the Act voided any actions by a secured creditor, whether the stay was pleaded or not before a judge.
208:
an "Insolvent farmer" meant any farmer who could not meet obligations as they came due, had ceased paying current obligations in the ordinary course of business as they came due, or whose property (valued either at
335:
An
Ontario agency noted that the property of a farmer included "not only farm property, but any other property owned by a farmer, such as a house in the city or property of another business carried on by the
258:
insolvent farmers who had made an application would be barred from making another application during the following two years, unless written consent had been previously given by the Board
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against him by any of his creditors, following which a review panel would be appointed to facilitate an arrangement between the farmer and the creditors which would be administered by a
242:
Farm Debt Review Boards were established for each province, or a region of a province, and each Board had power to appoint experts and establish review panels to help in their functions
222:
Its aim was to "help farmers with the potential to be viable and remain in business." The significance of its framework was later described thus by one commentator:
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farmers in financial difficulty were able to have a review panel either review his financial affairs or assist him in facilitating an arrangement with his creditors
274:
the Board had to appoint a guardian for the farmer's assets (which could be the farmer), and such guardian was subject to any directions given by the Board
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or at a value obtained at a fairly conducted sale under legal process) is insufficient to enable payment of all obligations, due and accruing due
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before realizing upon the security, and the notice had to advise the farmer of his right to apply for a stay of proceedings
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with an opportunity to receive third-party expert advice on these financial affairs and relationships with their creditors.
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the stay of proceedings was in effect for 30 days, and could be extended by the Board for a further three 30-day periods
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699:
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farmers who were not insolvent, but were in financial difficulty, also came within certain provisions of the Act
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621:
649:"SI 98/52: Order Fixing April 1, 1998 as the Date of the Coming into Force of the Farm Debt Mediation Act"
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179:. To provide debt relief on a nationwide basis, the Act was introduced in June 1986, and received
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high as 24%. Similar, but more severe, conditions had been previously encountered during the
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insolvent farmers could apply to a Board for a review of his financial affairs and for a
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117:
SC 1991, c. 46, s. 598; SC 1992, c. 1, Sch. VI, par. 10; SC 1994, c. 38, s. 25(1)
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affecting
Canadian agriculture in the 1980s. It was in force from 1986 to 1998.
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An Act to facilitate financial arrangements between farmers and their creditors
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205:"farming" included the production or raising of any animal or thing on a farm
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48:
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29:
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a "farmer" included any individual or entity engaged in farming
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The Act would be in effect until the coming into force of the
607:. Ministry of Consumer and Commercial Relations. 26 May 1987.
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The Act's operation was conducted in a decentralized manner:
412:, Farm Debt Mediation Service and Farm Consultation Service"
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The Act's scope was broad, as noted in its definitions:
171:
In
September 1985, a moratorium had been placed on all
618:
M & D Farm Ltd v
Manitoba Agricultural Credit Corp
479:Farlinger, B. (1988). "The Farm Debt Review Act".
580:"Tread Carefully – Enforcement of Farming Assets"
391:. Canada: House of Commons. pp. 14787–14790.
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381:, Minister of Agriculture (20 June 1986).
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371:
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145:Loi sur l'examen de l'endettement agricole
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452:
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598:"87004: The Farm Debt Review Act, 1986"
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577:
646:1997, c. 21 , in force 1 April 1998:
624:, 2 SCR 961 (2 September 1999),
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326:was passed to deal with the situation
264:were required to give a notice of 15
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323:Farmers' Creditors Arrangement Act
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705:Canadian agriculture legislation
680:History of agriculture in Canada
419:Agriculture and Agri-Food Canada
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690:Canadian insolvency legislation
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408:"Report to Parliament on the
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685:Canadian federal legislation
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578:Howard, Ben (23 May 2016).
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662:(8): 1379. 15 April 1998.
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656:Canada Gazette, Part II
639:Farm Debt Mediation Act
410:Farm Debt Mediation Act
301:Farm Debt Mediation Act
177:Farm Credit Corporation
700:Canadian corporate law
383:"Farm Debt Review Act"
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144:
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695:1986 in Canadian law
358:Farm Debt Review Act
149:Parliament of Canada
147:) was an Act of the
136:Farm Debt Review Act
88:Parliament of Canada
38:Parliament of Canada
22:Farm Debt Review Act
586:. Cox & Palmer.
584:coxandpalmerlaw.com
250:stay of proceedings
285:The Act protected
183:later that month.
74:Territorial extent
262:secured creditors
211:fair market value
151:dealing with the
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559:FDRA, ss. 23, 29
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254:licensed trustee
166:Great Depression
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505:FDRA, ss. 4-15
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404:Mitchell, Andy
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320:for which the
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168:of the 1930s.
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69:SC 1986, c. 33
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626:Supreme Court
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393:, at p. 14788
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287:hobby farmers
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266:business days
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107:5 August 1986
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406:(May 2005).
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365:1986, c. 33
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181:Royal Assent
170:
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135:
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99:27 June 1986
95:Royal assent
47:
21:
15:
550:FDRA, s. 22
541:FDRA, s. 33
532:FDRA, s. 31
523:FDRA, s. 28
514:FDRA, s. 20
465:John Wise,
431:John Wise,
173:foreclosure
153:farm crisis
674:Categories
605:ontario.ca
469:, p. 14790
444:FDRA, s. 1
435:, p. 14789
344:References
159:Background
49:Long title
493:0832-8722
379:John Wise
304:in 1998.
294:Aftermath
232:Operation
187:Framework
104:Commenced
628:(Canada)
336:farmer."
126:Repealed
66:Citation
620:,
487:: 223.
467:Hansard
433:Hansard
123:Status:
491:
281:Impact
141:French
112:Amends
78:Canada
652:(PDF)
601:(PDF)
415:(PDF)
308:Notes
192:Scope
644:S.C.
489:ISSN
363:S.C.
133:The
660:132
676::
658:.
654:.
642:,
603:.
582:.
483:.
449:^
417:.
385:.
370:^
361:,
143::
495:.
485:2
421:.
139:(
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