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Jan 8, 2016

Financial Services Flash - Pre-Bankruptcy Payment to Secured Creditor Escapes Statutory Deemed Trust

Secured creditors should take note of Callidus, wherein the Federal Court held that the bankruptcy of a tax debtor rendered a statutory deemed trust under section 222 of the Excise Tax Act ineffective as against a secured creditor who, prior to the bankruptcy, received proceeds from the tax debtor’s assets.

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