Debt mediation for farmers into effect
QUEENSLAND producers experiencing financial difficulty will be better protected from July 1 when mandatory farm business debt mediation comes into effect, Agriculture Minister Bill Byrne said.
The Farm Business Debt Mediation Act prevents lenders from foreclosing on farming properties without first offering formal mediation.
“Now, by requiring lenders and producers to enter into mediation, we’re protecting our producers and farmland by ensuring access to an efficient and equitable process which benefits both parties,” he said.
“Mediation will support resolution of complex disputes without resorting to expensive, drawn-out legal proceedings, and ensure no producers are treated unfairly when at their most vulnerable.”
The process will be conducted by an independent mediator agreed to by both parties.
All are expected to participate in good faith, provide all relevant documentation and attend with a preparedness to consider all propositions put forward.