FAO Advisory - Unlicensed grain broker declares bankruptcy

It has come to the attention of the Farmers’ Advocate Oce (FAO) that a number of contracts between AgFinity Inc. and local producers remain outstanding after the company ceased operations in October.

AgFinity Inc., an unlicensed grain broker operating out of Stony Plain, Alberta, filed an assignment under section 49 of the Bankruptcy and Insolvency Act on November 25, 2024, ocially declaring bankruptcy. MNP LTD has been assigned as the Licensed Insolvency Trustee (the Trustee) and will contact all creditors with a notice of the bankruptcy. 

Farmers who are owed money by Agfinity Inc. will normally be classed as unsecured creditors in the bankruptcy and will only be able to recover any amount if there are assets available after secured and preferred creditors have been paid. The Trustee will normally provide ongoinginformation as to the extent of secured and preferred claims and any possible recovery by unsecuredcreditors.

MNP LTD has released a Creditor‘s Package that includes information and a proof of claim form for aected parties to review and submit. Please visit the MNP LTD website to access the Creditor’s Package (https://mnpdebt.ca/en/corporate/corporate-engagements/agfinity-inc). Creditors can also contact Comfort Uche at MNP LTD by phone at 1-780-429-5871 for more information or for assistance with completing the proof of claim form.

A First Meeting of Creditors has been scheduled for December 16, 2024 at 11:30 AM (MST). Attendance at the meeting is not required as the purpose of this meeting is to deal with confirmation of MNP LTD as the appointed Trustee and other details in the administration of the estate. Non-attendance at this meeting does not aect the ability of creditors to file a proof of claim. For more information on how to participate in this meeting, please visit the link to MNP LTD‘s website provided above.

Advice provided by the Farmers’ Advocate Oce is provided for general information only. This information may not be relied upon as legal advice or as substitute for it. You are responsible for applying any general information provided to your particular situation, if appropriate, and deciding upon a course of action. The Farmers’ Advocate Once and Alberta Agriculture and Irrigation make no warranty, expressed or implied, and do not assume any legal liability or responsibility for the accuracy, completeness, or usefulness of any information provided to you. For all important business and personal matters, you should consider obtaining independent legal and other professional advice to properly assess and understand your options and obligations.