Debt mediation for farm­ers into ef­fect

The Northern Star - Northern New South Wales Rural Weekly - - News -

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.

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.