The Ontario Beef Financial Protection Program is likely to
take a heavy hit from the bankruptcy of Levinoff-Colbex of Longueuil, Que. on
May 31.
So far 11 claims totalling $950,000 have been filed.
So far 11 claims totalling $950,000 have been filed.
Quebec farmers pressured Levinoff to sell them to plant after
an export ban on Canadian cattle following the discovery in May, 2003, that an
Alberta cow died of Bovine Spongiform Encephalopathy (BSE, or mad cow’s
disease).
The farmers there, in Ontario and Western Canada, wanted to
own packing plants to have a place to market their cull cows. None of the
ventures has been able to survive against resumed competition from packers in
the United States.
Levinoff-Colbex owes far more than its assets, starting with
$7.2 million to Bank Nationale de Canada and followed in order by the
Federation des Producteurs de Bovine du Quebec at $20.8 million, employees at
$600,000 and others at $5.3 million.
Among those “others” are several livestock auction markets
in Ontario that are licenced under the beef financial protection program.
Ontario Stockyards at Cookstown informed receiver R.M.
Richter Ltd. that it is owed $121,532, Ottawa Livestock Exchange of Greely
$100,828, Vankleek Hill Livestock for $134,688, Brussels Livestock Exchange $38,751, Denfield Livestock Exchange
$36,968, Listowel Livestock
Exchange $5,194 and the Ontario Livestock Exchange in Waterloo $5,194.
Butch Clare, the disgraced owner of Aylmer Meats who was
convicted of selling meat from deadstock, says he is owed $936.13.
P. Quintaine and Son Ltd. of Brandon, Man., is claiming
$137,150.
A large number of Quebec truckers are owed money. Ranlyn
Transport of Belleville, Ont., says it is owed $12,382.
The receiver is R.S.M. Richter Ltd.
