IVA Glossary
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Agricultural Receivership
Under the provisions of the Agricultural Credits Acts of 1928, a creditor may assume power over the assets of a farmer, given that the debt is of secured type. The 1928 Agricultural Credits Act states that the agricultural charge is actually being allocated over farming stock and certain assets of agricultural type. The act does not define clearly and exactly what should be understood under the "farming stock" definition, however this most commonly includes plant, machinery and livestock.
Arrangements such as agreements relating to share farming, and other arrangements that have a contractual basis, were actually not incorporated into the provisions of the 1928 Agricultural Credits Act, because these were arrangements not existent at the time. Whenever the farmer is being faced with insolvency related matters, there is an agricultural receiver being appointed who will take over the administrative part. The professional will decide upon the safest methods in order for the farmer to get out of the incurred debt.
The milk quota, the sheep annual premium, the suckler cow premium, the special beef premium, and the arable area aid payments are the main and most important quotas pertaining to agricultural receivership.
Arrangements such as agreements relating to share farming, and other arrangements that have a contractual basis, were actually not incorporated into the provisions of the 1928 Agricultural Credits Act, because these were arrangements not existent at the time. Whenever the farmer is being faced with insolvency related matters, there is an agricultural receiver being appointed who will take over the administrative part. The professional will decide upon the safest methods in order for the farmer to get out of the incurred debt.
The milk quota, the sheep annual premium, the suckler cow premium, the special beef premium, and the arable area aid payments are the main and most important quotas pertaining to agricultural receivership.
