Farm Debt Review Act

The Farm Debt Review Act () was an Act of the Parliament of Canada dealing with the farm crisis affecting Canadian agriculture in the 1980s. It was in force from 1986 to 1998.
Background.
Farm credit increased significantly in the late 1970s as Canadian farmers expanded their operations to meet greater world demand with expectations of continuing high commodity prices for their production. In the early 1980s, prices collapsed, and annual interest rates suddenly rose from 10% to as high as 24%. Similar, but more severe, conditions had been previously encountered during the Great Depression of the 1930s.
In September 1985, a moratorium had been placed on all foreclosure actions by the Farm Credit Corporation. To provide debt relief on a nationwide basis, the Act was introduced in June 1986, and received Royal Assent later that month.
Framework.
Scope.
The Act's scope was broad, as noted in its definitions:
Its aim was to "help farmers with the potential to be viable and remain in business." The significance of its framework was later described thus by one commentator:
Operation.
The Act's operation was conducted in a decentralized manner:
Impact.
The Act protected hobby farmers as well as commercial farmers, and the stay of proceedings applied to all the farmer's assets, whether connected to the farm or not. As well, a stay of proceedings under the Act voided any actions by a secured creditor, whether the stay was pleaded or not before a judge.
Aftermath.
The Act would be in effect until the coming into force of the "Farm Debt Mediation Act" in 1998.