The CGC is working with the receiver “to realize on proceeds from the sale of the company’s grain inventory,” it said.
Holders of outstanding primary elevator receipts could receive some of those funds once receivership has been concluded.
GFI, which purchased peas, lentils, chickpeas and other crops, announced its wind down in May.
The company had four grain elevators in Western Canada - in Lajord, Sedley and Zealandia, Sask., and in Bowden, Alta.
Multiple macro-economic events made it “near impossible” for GFI to service its debts, and a wind down was the most appropriate action, the company said in a May 7 statement.
The CGC has made 32 payments to producers through the Safeguards for Grain Farmers Program since 1981.
The highest payout occurred in the 2018-19 crop year, when 222 farmers received 100 per cent of their payout related to Ilta Grain, totaling more than $11 million.