The Canadian Grain Commission has suspended the licenses of ILTA Grain, effective July 11th.
ILTA was granted creditor protection by a BC court earlier this week.
That creditor protection order is in effect until August 7th, unless an extension is granted.
The pulse crop processor and exporter had been bonded by the Grain Commission and held multiple licenses for its head office in Surrey, BC and primary elevators at Belle Plaine and Saskatoon.
Remi Gosselin is a spokesperson for the Canadian Grain Commission.
He says the agency has the authority to suspend licenses under the Canada Grain Act.
Gosselin says the company can no longer buy grain with CGC grade names during the suspension.
Gosselin adds it can’t be determined at this time if there is sufficient security in place.
He says the agency has taken steps to ensure previous grain deliveries are covered under security provisions.
Gosselin says it’s not known at this point how many farmers are included in the list of creditors.
CGC auditors are on-site at ILTA’s head office in Surrey.
Gosselin says if a farmer is owed money for grain deliveries, they should contact the Canadian Grain Commission immediately.
He adds any business done after Wednesday July 10th will not be protected by security under the Canada Grain Act.
A notice from the court appointed monitor, PriceWaterhouseCoopers, indicates ILTA Group will seek approval for interim financing, as well as the authorization to commence a sales process for its assets and operations
