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SW Saskatchewan | Bankruptcies generally occur after large purchases on credit from non-secured creditors.
Is a form of Alchemy where the dross of farmer supplied hogs and corn can be turned to Bankers Gold through certain rituals.
Basis of Common Law was that no one could pass on better title to an asset than they themselves had held.
So here is a case of a livestock operation turning over perfect title to product to the secured creditor that the operation had a title that needed perfecting - ie, making payment. Permitted by Canadian bankruptcy laws.
The farmers only hope in my opinion is to sue on the doctrine of "unjust enrichment" where they claim that the banks unjustly profited(lessened their loss) at the expense of the supplier.
Probably would be difficult but the doctrine has been successfully argued before in a case of a Sask farm wife was left destitute when the family farm she had helped build through labor was sold by her husband.
That and other similarly argued cases in other provinces formed the basis of today's matrimonial property laws.
Chances of success -very low but greater than zero.
The case of big sky pork brings to mind the old adage - Fool me once, shame on you, fool me twice, shame on me! | |
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This could kill a guy.
