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Mar 24, 2017
Financial Services Flash - Ontario Repeals Bulk Sales Act
A century ago, Ontario drafted legislation to protect unpaid creditors from their debtors selling assets in bulk outside of the ordinary course of business. Over the years, with the introduction of other, more efficient creditor protection legislation, the business community began to consider bulk sales legislation to be an inefficient and outdated means of protection and it became more of a source of frustration, creating additional cost and risk with limited return.