The Rural Voice, 1983-06, Page 81FEDERATION OF AGRICULTURE
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BOX 429 CLINTON, ONTARIO NOM 1LO
Office Hours
Mon. 8 Fri.
9.4
TELEPHONE (519) 482-9642
NEWSLETTER
May Members' Meeting...May 5, 1983
F.E. Madill Secondary School, Wingham
TOPIC: Bill C653 The meeting was
sponsored by Huron County Federation
of Agriculture Bruce County Federation
of Agriculture and the Farm Survival
group of both counties. President Tony
McQuail welcomed everyone to the
meeting. Brigid Pyke, OFA Executive
Committee was introduced by Tony as
the first panelist to make her presen-
tation on Bill C-653.
- Bill C 653 by itself is only a list of
amendments to the Farmers' Creditors
Arrangement Act.
- list of amendments is to change the
major Bankruptcy Bill
- the proposal is now supported by the
government
- Brigid gave several comparisons of U.S.
bankruptcies
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- it is much easier to get into bankruptcy
in Canada than U.S.
- U.S. Companies extend less credit to
customers
- Americans collect their debts faster
than Canadians
Larry Thompson, Southwestern Ontario
Manager of Agricultural Services from
the Toronto Dominion Bank, originally
from Hastings county and a graduate of
University of Guelph was the other guest.
- last year in Canada farm debt was 18
billion dollars
- 40 - 45 per cent total debt was held by
banks
- private lenders held 20 per cent of the
mortgage debt
- Bill C-653 has two particular areas of
interest to farmers 1) reduction of debt 2)
a time period for liquidation of assets
- most insurance companies no longer
lend money for agricultural purposes
Areas of concern re Bill C-653-
- suppliers are not included in the bill
- will not help farmers with zero equity
- removes the right of a farmer to provide
a security for a credit
- courts lack the power of investigation
- Farm Credit would do most of the
appraisals of the farmers assets
- the guarantor is not protected
Write-offs - being able to reduce the
principal in the debt is very legitimate.
CFA (Canadian Federation of Agricul-
ture) and several western provinces are
not in favour of the debt -reducing section
of the act.
Following the presentations from the two
guests, questions were asked. Ron
Garland from Bruce county presented
Brigid and Larry with gifts of maple
syrup.
Lunch & coffee were then served by
Bruce County Federation of Agriculture.
Adjournment: 11:05 p.m.
MONTHLY MEETING
Huron County Federation of Agriculture
June 2, 1983
PG. 80 THE RURAL VOICE, JUNE 1983
Come for coffee 8:00 p.m.
Meeting 8:30 p.m.
Guest Speaker
Bruce Lobb, Ministry of the Environment
"Using Sprays and Pesticides
safely on the farm"
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