Northern Iowa Grain Dealer Loses License, Files Bankruptcy
Earlier this month, the Iowa Department of Agriculture and Land Stewardship announced the suspension of the warehouse and grain dealer licenses for a distributor in Hancock County.
Global Processing provides consumers with “a high-quality supply of raw whole non-GMO soybeans delivered directly to your food manufacturing operation” says their website. Based out of Kanawha, they provide consumers with bagged soybeans, soybean oil, and soy protein. Global Processing also has facilities located in Nebraska and Illinois.
The suspension of Global Processing Inc. of Kanawha’s warehouse and grain dealer licenses meant that they were unable to provide those services until further notice from the department.
According to the Iowa Department of Agriculture and Land Stewardship, Global Processing’s license suspension is “based upon the company’s failure to have sufficient funds to cover producer grain checks and failure to file monthly financial statements by Iowa Code 203 and 203C.”
This week, the department was notified that the Kanawha-based Global Processing, Inc. has filed for bankruptcy in the State of Iowa effective October 24th, 2022.
According to a release from the department, anyone who has an unpaid grain that was sold to Global Processing before October 24th can file a claim with the Iowa Grain Depositors and Sellers Indemnity Fund. These claims must be filed within 120 days, so before February 21, 2023, and be made in writing with Global Processing, Inc. and the Iowa Department of Agriculture and Land Stewardship, Grain Warehouse Bureau.
More information on making and submitting a claim can be found on the Iowa Department of Agriculture’s website.
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