Bissma Pacific Inc.: 100% payout for eligible producers

Producers who did not receive payment for grain sold to Bissma Pacific Inc. have received full compensation for their eligible claims through the Canadian Grain Commission's Payment Protection Program.

Bissma Pacific Inc. was a licensed grain dealer located in Pickering, Ontario, until November 21, 2012.

Minimising risk
To minimise the risk of not getting paid in full for their deliveries, producers are encouraged to:

Deal with companies licensed by the Canadian Grain Commission
Ensure they are in receipt of an authorised document (i.e. receipt, cash purchase ticket or cheque) upon delivery to a company licensed by the Canadian Grain Commission
Cash any cash purchase tickets or cheques right away
Immediately report any payment issues to the Canadian Grain Commission

Rules for compensation
Producers must follow and meet certain rules to qualify for compensation under the Payment Protection Program.

Deliveries made to unlicensed companies are not covered by Payment Protection Program. The Canadian Grain Commission licenses primary, process, terminal and transfer elevators and grain dealers, but does not license companies such as feed lots.

Producers are only covered by a licensed company's security for 90 days after the date they delivered their grain or 30 days after the date they received a cash purchase ticket or other bill of exchange. The shorter of the two time periods applies.

While producers are not guaranteed 100% compensation, in the case of Bissma Pacific Inc., eligible producers received 100% compensation for the amount they were owed.

The Canadian Grain Commission building at 303 Main Street, Winnipeg Manitoba (Photo credit: Wikipedia).