Search
Better Farming OntarioBetter PorkBetter Farming Prairies

Better Farming Ontario Featured Articles

Better Farming Ontario magazine is published 11 times per year. After each edition is published, we share featured articles online.


Quality Meats creditors meeting scheduled for later this month

Wednesday, May 7, 2014

by JIM ALGIE

The first meeting of creditors of the officially-bankrupt Quality Meat Packing Limited is to be held May 26 beginning at 10 a.m. at the Sheraton Centre Hotel in downtown Toronto, a bankruptcy trustee’s notice posted late Tuesday says.

Following a hearing earlier on Tuesday, Ontario Superior Court Justice D. M. Brown appointed A. Farber and Partners Inc. trustees to supervise liquidation of Quality Meats’ assets. The judge deemed the company bankrupt, effective May 6. A copy of the order is posted on the receiver’s website at Farberfinancial.com.

The bankruptcy declaration followed a month of turmoil after the 83-year-old company effectively ceased operations and sought court protection, April 3. In recent years, Quality Meat Packing Ltd. and a related company, Toronto Abattoirs, have processed as much as a quarter of the hogs marketed weekly in Ontario.

The company ceased operations owing millions of dollars to Ontario hog farmers for livestock delivered in the final week of normal course operations. A statement on the receiver’s website says company employees have been paid wages and vacation pay up to and including May 5.

The two companies employed more than 500 people processing and marketing Legacy-brand pork products in Canada and internationally.

Judge Brown’s May 6 order appoints Farber to secure assets of the bankrupt companies. It empowers the receiver “to market any and all of the property.”

As well, the trustee is to assist the company in preparing a “statement of affairs” required by terms of the Bankruptcy and Insolvency Act within five days, Farber says in its website statement. The receiver is to contact creditors and employees by mail with a formal notice about the process by May 16.

Preliminary lists of creditors and their debts published on the Farber website shows more than 200 creditors and debts outstanding of more than $40 million. They include more than 80 livestock truckers and Ontario hog farmers. One estimate shows outstanding debt to hog farmers of about $8.6 million.

Two major creditors are the Toronto Dominion Bank and a holding company involving Quality Meats president David Schwartz. Schwartz’s holding company, Quality Meat Packers Holdings Ltd., is not identified in bankruptcy proceedings except as a creditor claiming security on debts of more than $19 million.

Farber’s statement advises creditors that amounts listed to date in the case are “estimates only based on the company’s books and records.”

“Creditors will have the opportunity to file a proof of claim for the actual amounts,” the receiver’s statement says. BF

 

Current Issue

September 2025

Better Farming Magazine

Farms.com Breaking News

Canadian Farmers Face Weaker Soybean Yields Ahead

Tuesday, September 2, 2025

Statistics Canada forecasts that Canadian soybean production will decline in 2025, reflecting weaker yields across major producing provinces. Nationally, output is projected to fall by 7.3% year over year to 7.0 million tonnes. The decline is linked to a drop in yields, which are expected... Read this article online

Canadian Corn Outlook Shows Mixed Regional Trends

Tuesday, September 2, 2025

Statistics Canada projects Canadian corn-for-grain production to grow slightly in 2025, despite drier-than-normal weather and high temperatures that have pressured yields. National production is forecast to rise 1.4% year over year to 15.6 million tonnes. This gain comes from higher... Read this article online

Wheat Output Decline Projected for 2025

Tuesday, September 2, 2025

Statistics Canada’s latest modelled estimates suggest that wheat production in Canada will decline slightly in 2025, driven primarily by weaker yields across several regions. National output is expected to edge down 1.1% to 35.5 million tonnes, with yields forecast to fall 1.2% to 49.6... Read this article online

Scouting and Managing Resistant Weeds in Ontario

Monday, September 1, 2025

As the growing season winds down, now is an ideal time for Ontario farmers to assess the effectiveness of their weed control strategies and prepare for the next growing year. Dr. Holly Byker, Agronomy Manager at the Ontario Crop Research Centre in Winchester, emphasizes the importance... Read this article online

BF logo

It's farming. And it's better.

 

a Farms.com Company

Subscriptions

Subscriber inquiries, change of address, or USA and international orders, please email: subscriptions@betterfarming.com or call 888-248-4893 x 281.


Article Ideas & Media Releases

Have a story idea or media release? If you want coverage of an ag issue, trend, or company news, please email us.

Follow us on Social Media

 

Sign up to a Farms.com Newsletter

 

DisclaimerPrivacy Policy2025 ©AgMedia Inc. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Back To Top