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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Super Intendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Fraudulent conveyance

In the case of bankruptcy of an individual are transactions of the last 5 years examined for fraudulent conveyance?

In my case I`am filing for bankruptcy over a 200K debt. I own 30% of an incorporated business which I effectively control through my spouse`s 30% shareholding. There was a lot of transactions involving transfer of cash/property between myself and the corporation in 2004/2005/2006. Will all these transactions be examined? If so how will my net worth at the time of the transactions be determined?

Will the corporation be asked to explain all it`s transactions in the abovementioned period?

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One Response to “Fraudulent conveyance”

A licensed trustee said...

I strongly suggest you contact an insolvency lawyer with your questions. You have obviously done some homework as “fraudulent conveyances” is not a topic that comes up in casual conversation.

You may try speaking to a trustee, but a trustee cannot give you a legal opinion of whether or not you have committed a fraudulent conveyance – for that you need to speak to a lawyer.