Loi_uniforme_Transactions_Revisables (Sept, 2012)
This Act is intended to provide a comprehensive approach to the debtor/creditor relationship. Uniform legislation is needed to incorporate the piecemeal reforms from the last 100 years and to improve on the often inconsistent approach to creditors’ rights. The proposed Act clarifies transactions at undervalue, relief for unsecured creditors, creditor hierarchies, securities, and the creditor sharing principle.
A joint project with the Uniform Law Conference of Canada on reform of fraudulent conveyances and fraudulent preferences law. This report is in response to suggestions by delegates at the 2010 Uniform Law Conference of Canada to Part 1 of the project addressing transactions at undervalue and fraudulent transactions. It incorporates clarifications and changes regarding recommendations in the original report on exempt properties, limitation periods, risk for bona fide purchasers, and remedies for creditors.
Topics covered in this report include title and structure of the proposed Act, the scope of new preferential payments law, provincial harmonization with the federal Bankruptcy and Insolvency Act, the integration of preferences law with other law on transactions, remedies for creditors, the exemption of arm’s length payments from challenges, and limitation periods.