Farm Debt Mediation Act

Marginal note:Financial review

• 9 (1) Where the administrator determines that the farmer is eligible to make the application, the administrator shall as soon as possible undertake, or cause an expert referred to in subsection 4(4) to undertake, a detailed review of the farmer’s financial affairs.

• Marginal note:Nature of review

  (2) The review mentioned in subsection (1)

  • (a) must include the preparation of

    • (i) an inventory of all the assets of the farmer, and

    • (ii) financial statements of the farmer’s farming operation;

  • (b) may, in the case of an application made under paragraph 5(1)(b), include a recommendation that one or more creditors who are not secured creditors, and the Minister, if the Minister is the guarantor of a farmer’s debt that is owed to one of those creditors, participate in the mediation; and

  • (c) may include the preparation of recovery plans for the purpose of reaching financial arrangements with creditors and the Minister.

• Marginal note:Preparation of recovery plans

  (3) Where a farmer requests the administrator that the recovery plans referred to in paragraph (2)(c) be prepared by a person of the farmer’s choice, the administrator may, in accordance with the regulations, if any, enter into an agreement for that purpose.

• Marginal note:Report

  (4) The results of a review under this section must take the form of a report prepared by or on behalf of the administrator.