HomeMy WebLinkAboutThe Citizen, 2000-07-26, Page 11THE CITIZEN, WEDNESDAY, JULY 26, 2000. PAGE 11.
FCS provides financial management counselling
Do you know about farm
consultation services?
The Farm Consultation Service
(FCS) provides confidential
financial management counselling to
farmers through two services:
• a pathfinding or referral service
and
• a direct, one-on-one financial
management counselling service
The pathfinding referral service
helps farmers to locate the
information they need to improve or
change the direction of the farm
operation.
The financial management
counselling service helps farmers
who are experiencing farm financial
problems. For a nominal fee
qualified counsellors who
understand farming will work with
you to prevent more serious financial
problems. The service will help you
assess your current financial position
and develop a plan for future
success.
PROGRAM DESCRIPTION
Pathfinding/Referrai Service
Over the phone you can obtain the
name and brief details of programs,
services and individuals who can
help. You can find information
under the headings of Farm
Organizations, Provincial and
Federal Departments of Agriculture
and their services and Commodity
Specific Organizations.
Financial Management
Counselling Services
A farmer who wants one-on-one
financial counselling can obtain the
following service from the
consultant:
• The consultant will prepare an
income and expense information
statement for the past two years, a
current balance sheet and one to
two year income and expense
projections based on continuing the
existing operation.
WHAT ARE THE STEPS?
The steps for both options are the
same except where noted. Once the
administrator confirms eligibility:
• A financial expert is assigned to
conduct a detailed review of the
farmer’s financial affairs.
• The expert may also help the
farmer prepare a recovery plan
outlining what the farmer proposed
to do to resolve their financial
difficulty.
• The administrator appoints
a mediator to meet with the
farmer and his or her creditors.
If the farmer has applied for a
Stay, the meeting would include
ail creditors. In applications
without a Stay the meeting
includes all secured creditors
and any other creditors who need to
be involved in reaching a
settlement.
• With the assistance of the
mediator, the fanner and creditors
discuss and possibly amend the
recovery plan. In most cases, as
experience shows, they reach a
settlement that is helpful to all.
WHO IS ELIGIBLE?
Individuals, corporations,
partnerships, co-operatives or other
associations of persons “engaged in
farming for commercial purposes”
who are insolvent are eligible for
debt mediation.
To be considered insolvent,
applicants must meet one of the
following criteria:
• unable to meet their obligations as
they generally come due
• ceased paying their current
obligations in the ordinary course
of business as they generally
become due, or
• the value of their property, if
disposed of at a fairly conducted
sale under legal process, would not
be sufficient to enable payment of
all their obligations, due and
accruing due.
To obtain services contact: Farm
Debt Mediation Service, Mr. Bob
Dizichouski, General Manager, 174
Stone Rd. W., Guelph, ON NIG
4T1. Telephone: (519) 836-8135 or
Service offers credit mediation
The Farm Debt Mediation Service
(FDMS) provides insolvent farmers
and their creditors with mediation
services to help them arrive at
mutually satisfactory arrangement.
The service is a private,
confidential and more affordable
alternative to using the courts. It’s
also successful 70 per cent of the
time, meaning that farmers and their
creditors are able to work out a plan.
There are two ways a farmer can
use the service. The first is called the
Stay of Proceedings, Review and
Mediation. The second is called the
Review and Mediation Without a
Stay.
The significant difference between
the two processes is the Stay of
Proceedings is applied under the
first option. This is very important
where the creditors have already
Heifers avg.
SI 55 to S197
Continued from page 10
Blyth, weighing 1,670 lbs. sold for
$85.50.
There were 246 veal on offer
selling. Beef sold $105 to $160;
Holstein, $95 to $105; Plain
Holstein, $80 to $95. Four veal
consigned by Richard Horst,
Listowel, averaging 634 lbs. sold for
an average of $140.63 with sales to
$160. Four veal consigned by John
Verburg, Londesboro', averaging 694
lbs. sold for an average of $115.70
with sales to $137. Five veal
consigned by Pat Groot, Zurich,
averaging 599 lbs. sold for an
average of $103.83 with sales to
$114.50.
Lambs, 50 - 64 lbs., sold $107.50
to $200; 65 - 79 lbs., $97.50 to $ 185;
80 - 94 lbs., $105 to $120; 95 - 109
lbs., $ 104 to $ 111; 110 lbs. and over,
$100 to $104.
Sheep sold $52.50 to $110.
Goats sold $31 to $160.
Steers under 400 lbs. sold $142 to
$187; 400 - 499 lbs., $146 to $172;
500 - 599 lbs., $137 to $168; 600 -
699 lbs., $140 to $172; 700 - 799
lbs., $125 to $153; 800 - 899 lbs.,
$113.75 to $130 and 900 lbs. and
over, $94 to $125.
Heifers under 300 lbs., sold $155
to $197; 300 - 399 lbs., $150 to
$174; 400 - 499 lbs., $135 to $154;
500 - 599 lbs., $123 to $150; 600 -
699 lbs., $120 to $144; 700 - 799
lbs., $106 to $137; 800 - 899 lbs.,
$109.50 to $120; 900 lbs. and over,
$97 to $118.
begun legal actions against you.
Secured creditors are required by
law to serve the farmer with a Notice
of Intent to Realize on Security
before undertaking any action to
recover debts. A farmer has 15
business days to respond to this
notice before legal action begins. In
this case, the farmer would usually
choose to apply for the Stay of
Proceedings to prevent further
action by the creditor during
mediation.
The farmer would also apply for a
Stay when being sued for a debt by
an unsecured creditor. Though
unsecured creditors are not required
to provide the Notice, the Stay
still protects the farmer’s assets
during mediation. If a Notice
hasn’t been served and legal action
hasn’t been taken, the farmer may
prefer to apply for review and
mediation only, without applying for
a Stay.
The consultant will help the
farmer assess alternatives and the
farmer will select a course of action,
and develop a two or three-year
operational plan, including cashflow
and income and expense projections.
Don & Kathy Procter
and
Grant & Brenda Anger
are pleased to announce
the wedding of their children
Kristina Joanne Procter
to
Brandon William Anger
on Saturday, August 19, 2000
Brussels Mennonite
Fellowship.
We send them God's blessing
as they begin a journey
together.
The couple currently
resides in Vanastra
GOOD/CALDWELL
Nicole & Kaylen would like to
congratidate their parents Angela & >
Trent on their recent marriage. \
Angela is the daughter of Reg & II
Carole Good of Goderich and Trent J
the son of Jack & Erlene p
S s Caldwell of Blyth & Evelyn II
Lou Robichaud of New \
DundeeNB. The
ceremony, officiated by z x> J
Rev. Chris Morgan took | r
place June 17, 2000 as
the sun set at St. Christopher's Cove, Goderich. Attending
Tammy Dowell, Julie McCartney & Sheril Govier as
bridesmaids and Nicole Caldwell as flowergfrl.
Nelson Caldwell was the best man. Paul Good, Barry
.Belair & Joe Fraser ushered the guests & Kaylen Good
Caldwell carrried the rings.
If the newspaper
you are reading
was purchased at
a newsstand...
we have a deal
for you!
Adel and Greg Dodds
are pleased to announce
the forthcoming marriage
of their mother,
Kimberley Lynne,
to
Allen Roger Walker.
The wedding will take
place
Saturday, August 12, 2000
at Knox United Church,
Belgrave
at 3:00 p.m.
Open wedding reception
at the Lucknow
Community Centre
commencing at 8:30 p.m.
Having a subscription to
The Citizen
saves you money
Newsstand price - 75p/week
Subscription price - 54p/week
I |___| Yes -1 want to save money.
I
Enclosed is $27.00 for a 1-year subscription.
n
I
I
I
1 Town:............................................Postal Code:................
J Name:.................................................................................... J
I Address:................................................................................ i
Mail cheque & coupon to:
P.O. Box 429, P.O. Box 152
Blyth, ON or Brussels, ON
N0M1H0 NOG 1 HO