{"id":173231,"date":"2017-03-22T10:09:30","date_gmt":"2017-03-22T00:09:30","guid":{"rendered":"http:\/\/southburnett.com.au\/news2\/?p=173231"},"modified":"2020-09-20T16:33:42","modified_gmt":"2020-09-20T06:33:42","slug":"mediation-compulsory-before-farm-foreclosures","status":"publish","type":"post","link":"https:\/\/southburnett.com.au\/news2\/2017\/03\/22\/mediation-compulsory-before-farm-foreclosures\/","title":{"rendered":"Mediation Compulsory
Before Farm Foreclosures"},"content":{"rendered":"
\"\"<\/a>
Agriculture Minister
Bill Byrne<\/figcaption><\/figure>\n

March 22, 2017<\/strong><\/p>\n

From July 1, banks will not be able to foreclose on Queensland farming properties without offering mediation.<\/p>\n

The Queensland Government\u2019s new Farm Business Debt Mediation Bill 2016, passed in Parliament on Tuesday, will require financial institutions to offer debt mediation to farmers who are in arrears.<\/p>\n

“The Government is committed to supporting our $17.32 billion primary industries sector,” Agriculture Minister Bill Byrne said.<\/p>\n

“Farming in Queensland is not a straightforward process.<\/p>\n

“Queensland\u2019s agricultural sector is vulnerable to external pressures, such as climate and market forces, global financial events and changes in domestic rural credit policies.<\/p>\n

“We want to ensure farming families experiencing financial difficulty are treated fairly by financial institutions when they are faced with the daunting prospect of selling property assets to repay loans.”<\/p>\n

Mr Byrne said the primary objective of the new law was to provide a process for the efficient and fair resolution of farm debt matters.<\/strong><\/p>\n

“Mediation is a confidential process and an alternative to expensive and drawn-out legal processes,” Mr Byrne said.<\/p>\n

“The legislation is not intrusive – it does not prevent financial institutions and producers from using informal negotiations to resolve their disputes.<\/p>\n

“But if informal talks fail the lender will have to offer mediation before starting enforcement action.”<\/p>\n

Farmers have an option to decline the offered mediation.<\/p>\n

The Queensland Rural and Industry Development Authority – the new name of QRAA from July 1 – will oversee the process and accredit mediators.<\/p>\n","protected":false},"excerpt":{"rendered":"

From July 1, banks will not be able to foreclose on Queensland farming properties without offering mediation.<\/p>\n","protected":false},"author":3,"featured_media":271846,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[3,36],"tags":[1134],"yoast_head":"\nMediation Compulsory Before Farm Foreclosures - southburnett.com.au<\/title>\n<meta name=\"description\" content=\"From July 1, banks will not be able to foreclose on Queensland farming properties without offering mediation.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/southburnett.com.au\/news2\/2017\/03\/22\/mediation-compulsory-before-farm-foreclosures\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mediation Compulsory Before Farm Foreclosures - 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