South Cariboo Meat Co-op updates shareholders

Reimbursement of South Cariboo Meat Co-op membership funds is expected to take place by Aug. 15

Members of the soon-defunct South Cariboo Meat Co-op were sent an update letter by e-mail on Feb. 17 by the legal firm handing the dissolution.

Most of the members present at a meeting last November voted to dissolve the co-op due to financial and licensing problems, which were deemed insurmountable by the then-board of directors who stepped down after the vote.

The status report sent from Centennial Law of behalf of lawyer Douglas Dent, the liquidator of the co-op, states the reimbursement of membership funds is expected to take place by Aug. 15.

There are several steps indicated in the report that must take place prior to the final pay-back of pro-rated share values to members, who had purchased shares in the co-op under the expectation a new red-meat abattoir would be built in 100 Mile House.

The list of actions required includes the disposal of assets, as well as obtaining refunds for various deposits paid by the co-op, and a tax return to Canada Revenue Agency (CRA).

The time involved for processing the tax return, including an application for a Harmonized Sales Tax rebate, impacts the late summer repayment due date and is expected to be completed and returned by CRA by the end of June.

Once all the assets and debts are liquidated, an accounting of the meat co-op wind-up will be prepared and a general membership meeting will be scheduled to present that report.

Members who have questions about the dissolution process are invited in the letter to contact Centennial Law legal assistant Stephanie Kappei at 250-395-1080, who will answer queries or refer them to Dent as needed.


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