Parliament's Economic Development, Science and Innovation Committee has released a final report on the Farm Debt Mediation Bill, recommending that it does not proceed.

However, it is likely that the bill will reappear as a Government initiative.

The Member's bill was introduced by New Zealand First MP Mark Patterson, to amend the Receiverships Act 1993 to include mediation as a mandatory step before the appointment of a receiver in respect of agricultural debt.

The bill would defer the appointment of receivers until at least 10 working days after the mediator's summary of mediation. It would also require the Banking Ombudsman to arrange for suitably qualified and experienced persons to be accredited as mediators.

The committee says Mr Patterson has advised it that he wishes to withdraw the bill as it will instead be introduced as a Government bill.