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Home My WebLink AboutThe 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