Sunterra Group Leadership and Current Crisis

President: Ray Price

Ray Price serves as President of the Sunterra Group of Companies, a position he has held while overseeing the vertically integrated agricultural and food business that includes Sunterra Farms, Sunterra Meats, and Sunterra Quality Food Markets with nine retail locations across Alberta (Calgary, Edmonton, and Red Deer). His brother Art Price serves as Chairman of the Board, while another brother Glen Price serves as president of Sunterra Quality Food Markets Inc.creativedestructionlab+3

Ray Price grew up on the family farm near Acme, Alberta, and after graduating from Olds College, worked his way through every level of the business—from cleaning pig pens to CFO—before becoming president of the entire Sunterra Group. He has been recognized as one of the "Top 50 In Canadian Agriculture" and served as chairman of the Canadian Meat Council.agandruralleaders+1

Current Situation: Severe Financial and Legal Crisis

The Sunterra Group is in the midst of a catastrophic financial collapse marked by fraud findings, bankruptcy protection proceedings, and massive liabilities. As of February 2026, the situation remains critical:

Court Ruling on Fraud (January 2026)

On January 27, 2026, Alberta Court of King's Bench Justice Michael Lema issued a devastating ruling finding that Sunterra engaged in "cheque kiting on an astonishing scale" and is liable to U.S. agricultural lender Compeer Financial for approximately $35 million. The court found that Sunterra's Canadian and U.S. entities fraudulently exchanged cheques across borders at enormous volumes—with intercompany transfers in 2024 nearing $6.3 billion—solely to cover account deficits rather than for legitimate business purposes.retail-insider+1

Justice Lema compared the scheme to "a game of musical chairs where there are not enough seats when the music stops," concluding that cheques sent from Canada to the U.S. were not backed by actual funds. Critically, the ruling found Ray Price personally liable for the $35 million debt, determining that as president and director, he "was personally involved in directing and managing the practice". Two other employees were not held personally accountable as they were deemed to be following orders.news.yahoo+1

Because the debt was incurred fraudulently, Sunterra cannot use bankruptcy protection to negotiate a reduced settlement with Compeer without the lender's consent. Art Price indicated the company is contemplating an appeal.[ca.news.yahoo]​

Bankruptcy Protection and Restructuring

Sunterra filed for protection under the Companies' Creditors Arrangement Act (CCAA) on April 28, 2025, after filing notices of intention under the Bankruptcy and Insolvency Act in late March 2025. The filing listed over $38.4 million in liabilities and followed months of financial strain due to elevated feed and labour costs, the destruction of the Trochu Meat Processors facility by fire in summer 2024, and the cheque-kiting litigation.producer+2

As of February 2026, the stay of proceedings has been extended to February 28, 2026, allowing the company to continue operating under court supervision with FTI Consulting serving as the court-appointed monitor. The company remains operational as a "going concern" with its retail markets, catering division, and Canadian agricultural operations continuing.insolvencyinsider+2

Scope of Financial Distress

Court documents reveal staggering liabilities across the Sunterra entities:

• Sunterra Farms Ltd.: $36.6 million

• Sunterra Food Corp.: $37 million

• Sunterra Quality Food Markets: $18.9 million

• Sunwold Farms (U.S.): $30 million

• Trochu Meat Processors: $17.9 million[producer]​

The total Sunterra Group revenue for fiscal year 2024 was only CAD $143.97 million, meaning the cheque-kiting scheme involved transfers exceeding 40 times the company's annual revenue.[cfcanada.fticonsulting]​

U.S. Subsidiaries Sold

In June 2025, following receivership, Sunterra's three U.S. hog-feeding subsidiaries were sold to Tyson Foods/The Pork Group for $15 million—less than half the amount Compeer claims it is owed. The Canadian operations continue independently, no longer selling hogs to U.S. affiliates.news.yahoo+1

Disputes with National Bank of Canada

Beyond the Compeer litigation, Sunterra has been engaged in disputes with National Bank of Canada (NBC), its Canadian lender. In March 2025, NBC attempted to place Sunterra entities into immediate receivership, but the court dismissed the application on March 24, 2025, ruling in Sunterra's favour. Sunterra subsequently filed a claim against NBC alleging breach of contract, seeking damages for lost sales, reputational damage, and increased operating costs resulting from NBC's actions, including frozen accounts that caused vendor payment disruptions.[ca.news.yahoo]​

Operational Status and Outlook

Despite the legal turmoil, Sunterra's retail operations have approached "business as usual" according to Art Price and Chris Alladin (president of retail markets), with markets, catering, and retail divisions remaining open. The company has worked to resolve vendor payment issues and extended leases at some market locations. Management remains in control under CCAA supervision, with court dates set through early 2026 for the restructuring process.[ca.news.yahoo]​

However, the January 2026 fraud ruling and Ray Price's personal liability represent a profound escalation of the crisis. The company projected sufficient liquidity through the late February 2026 stay period, but the path forward remains highly uncertain.[facebook]​