Mr. Speaker, I am very excited today and I am pleased to rise to introduce the financial protection for fresh fruit and vegetable farmers act, which proposes to amend the Bankruptcy and Insolvency Act and the Companies' Creditors Arrangement Act to support Canadian produce sellers.
Every time I see the dark soil and endless rows of vegetables in the Holland Marsh in my community, the soup and salad bowl of Canada, I see opportunity. In order for that opportunity to be fully realized in the marsh and across Canada, more must be done to protect Canada's fresh fruit and vegetable growers during the bankruptcy of a buyer. We know that fresh fruits and vegetables are highly perishable with a limited shelf life. Unfortunately, the existing laws do not take this into account.
This legislation would address this deficiency by establishing a deemed trust for fresh produce sellers, ensuring they have priority access to an insolvent buyer's assets related to the sale of fresh produce. I am glad to bring this initiative forward and champion fresh fruit and vegetable producers. I trust that all members in the House will support this bill.
(Motions deemed adopted, bill read the first time and printed)