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ARTICLE · 11 JULY 2023

Enhanced Superpriority For Farmers – Lenders Beware

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Lenders beware, Canada is one step closer to establishing a framework that will provide significant enhanced protections for suppliers of perishable food items. Bill C-280, or the Financial...

CanadaInsolvency/Bankruptcy/Re-Structuring
Kenneth R. Rosenstein
Kenneth R. Rosenstein
Victor Cornea
Victor Cornea
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Lenders beware, Canada is one step closer to establishing a framework that will provide significant enhanced protections for suppliers of perishable food items. Bill C-280, or the Financial Protection for Fresh Fruit and Vegetable Farmers Act (the "Act"), has passed the Second of Three Readings in the House of Commons.

If brought into force, the Act will amend the Bankruptcy and Insolvency Act (the "BIA") and the Companies' Creditors Arrangement Act (the "CCAA"), and operate to establish an expanded superpriority deemed trust which will secure payment for supplies in the event that a purchaser of perishable products becomes bankrupt, is subject to a receivership or otherwise applies to the court for approval of a compromise or an arrangement.

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