Naber Specialty Grain Limited bankruptcy settlement...

[samhill]

Most i sell to are slow to pay, about a week. ADM is the best, pick up a check on delivery.

[checking]

Other than paying a bank to cover the cost of a Newco bounced cheque, I will give credit to their honoring the shortfall of their bond. They were not required to do so. Still, it will be a long time before I will do business with them.

Which brings up tweety's excellent comment (one of many). It's fair to ask, just don't be disappointed when the reply is, "we can source it very easily, elsewhere".

[malleefarmer]

We have a local company who went belly up.Insolvent in 2013.
Owed I think 12 million highest known debt to a farmer is 400k
Think possibly 3rd time bankruptcy often his prices were to good to believe always 10 to 12 above the market.
My bank warned me not sell to sell grain to them 5 years ago so I stopped doing it.
Hes facing jail time may is 12 years in courts at the moment but logic suggests he may get 4 plus. Knowingly trading while insolvent.
Sad thing is when he got declared insolvent he started another company and traded right up till court case which was about a month ago.

[macdon02]

Do we really need the grain commission? This is proof there's no regulation currently for the farmer. The bond isn't worth tp. They are not doing their job. ... well maybe they are, protecting the Nabors of the world. CGC employees get paid with pension and 26 farmers get the shaft.

[tmyrfield]

I went through this with Palliser Grain. Fortunately they were sufficiently bonded and we got paid out 100%. It was a rail car of flax and took many months to get paid. Many many sleepless night. IMHO A few extra cents a bushel is not worth the risk. I only deal with main line companies now.

[blackpowder]

So how many smaller buyers can fool with the bond anyway?
How many bushels does it really cover? A joke really, and more cgc bs.
And how useful when they're going down?
We should all use credit insurance i guess. I know i should.