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.
Under Quebec’s Code Civil, transactions at undervalue and preferential transfers are subject to the same rules, and outcomes have been found to be predictable and consistent. This paper is meant to provide an overview of this part of Quebec law, and no recommendations are made.
This paper is part one of a two-part report on fraudulent conveyances and fraudulent preferences. The entire report outlines draft legislation that, if adopted in each province and territory, would provide uniform laws across Canada.
This report provides an update on The Uniform Law Conference of Canada’s project on reform of fraudulent conveyance and fraudulent preference laws. The aim of the project is to create draft legislation for each province/territory to adopt.
The Uniform Law Conference of Canada (Civil Law section) outlines its work on fraudulent preferences and the effort to create uniform draft legislation for the provinces to adopt. This report includes summaries of existing provincial and federal legislation, and review of the policy considerations and issues still to be determined.
The Uniform Law Conference of Canada (Civil Law section) outlines its work on fraudulent preferences and the effort to create uniform draft legislation for the provinces to adopt. This Report includes summaries of existing provincial and federal legislation, and review of the policy considerations and issues still to be determined.
At present, only trust companies are permitted to act as corporate trustees, executors, and administrators in Canada. However, trust companies have increasingly become multi-purpose financial institutions. The trust and fiduciary part of their business has diminished in importance. At the same time, because of our aging population, more people require assistance to manage the wealth they have accumulated over a lifetime, and may require a variety of fiduciary services. In other jurisdictions, including the United States, Britain, and other Commonwealth countries, trust and fiduciary services are more widely available, and more varied in content. This consultation paper examines the law governing corporate trustees and fiduciaries in Saskatchewan, and asks whether the monopoly on trustee services currently possessed by trust companies is still necessary. This project is part of the Commission’s focus on legal issues affecting the elderly.
This Report, issued in March 2003, completes the Commission’s project on the personal liability of board members in the not-for-profit sector. A consultation paper issued in July 2001 was the basis for consultations with the sector, the bar, and regulators. The report proposed significant limitation on the personal liability of directors and officers of volunteer organizations, which have not been adopted in substance in The Non-Profit Corporations Act.
A sector governed by volunteers needs protection, both for the volunteers and for the public. Safeguarding the public is paramount, but personal liability should not deter volunteers from seeking board membership in non-profit organizations. Recommendations include restricting personal liability, immunity for directors and officers, and reasonable restriction of that immunity to avoid gross misuse.
The Bulk Sales Act applies to the sale of operating retail businesses. The Act is out of touch with contemporary commercial reality, most notably the growth of secured credit. The Commission recommends that the Act be repealed.