Marginal note:Binding on Her Majesty
3. This Act is binding on Her Majesty in right of Canada or a province.
(2) The Minister may, in accordance with the regulations, if any, and on such terms and conditions as the Minister may specify, designate any person, other than an employee within the meaning of the Public Service Employment Act, as an administrator for the purposes of this Act.
(3) For the purposes of this Act, the Minister may enter into an agreement with any individual or body in relation to the remuneration and travel and living expenses of administrators designated under subsection (2).
Marginal note:Mediators, experts
(4) An administrator may enter into agreements
(a) for the services of mediators, subject to the regulations, and
(b) for the services of experts
relating to applications made under section 5, and such agreements may include provision for remuneration and travel and living expenses.
Marginal note:Application to administrator
5. (1) Subject to section 6, a farmer may apply to an administrator for either
(a) a stay of proceedings against the farmer by all the farmer’s creditors, a review of the farmer’s financial affairs, and mediation between the farmer and all the farmer’s creditors for the purpose of assisting them to reach a mutually acceptable arrangement; or
(b) a review of the farmer’s financial affairs, and mediation between the farmer and all the farmer’s secured creditors for the purpose of assisting them to reach a mutually acceptable arrangement.
Marginal note:Names of creditors
(2) An application under subsection (1) must include the names and addresses of all the farmer’s creditors.
Marginal note:Farmer must be insolvent
6. Only farmers
(a) who are for any reason unable to meet their obligations as they generally become due,
(b) who have ceased paying their current obligations in the ordinary course of business as they generally become due, or
(c) the aggregate of whose property is not, at a fair valuation, sufficient, or 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
are eligible to apply under section 5.
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