Alberta-based grain buyer Agfinity Inc. formally declared bankruptcy this week, owing more than $5.06 million to 181 creditors, according to bankruptcy filings released Nov. 26.
Farmers’ concerns about not getting paid for grain that was sold and picked up by the company started surfacing on social media and elsewhere in early 2024. Agfinity’s operations, headquartered in Stony Plain, appeared to cease in October as staff were let go.
Agfinity reported assets of only $162,593 in its Nov. 25 bankruptcy filing, with less than $68 thousand in cash and the remainder in accounts receivable.
The list of unsecured creditors includes many farms — most in Alberta and a few in Saskatchewan, along with several former employees who are owed wages. The only major secured creditor is TD Bank, which is owed approximately $162 thousand.
Joseph Billett of Spruce Grove is the only director named for the company.
MNP has been appointed as the licensed insolvency trustee, and is asking creditors to file a proof of claim prior to an initial creditor meeting that’s scheduled to be held via telephone on Dec. 16 (Find more info on MNP’s website).
Agfinity was not licensed with the Canadian Grain Commission, and was not required to post a bond or security as part of the CGC’s producer payment security program.
