Asset Transfer Before Bankruptcy

Posted on Thursday, December 14, 2006

whats the time frame once a party transfer any asset out of there name before they can claim bankruptcy in Ontario? Is there a statue of limitiations?

1 Comments:

At 8:56 AM, J. Douglas Hoyes, CA, Trustee said…

If you go bankrupt in Ontario, you are required to disclose to the trustee all asset transfers, sales and dispositions that you made within the past year. You must also disclose all property transfers or sales that occurred within the last five years while you were insolvent. In other words, if you had debts that you couldn't pay, and you sold assets within the last five years, this must be disclosed.

I suggest you contact an Ontario trustee to review your situation in more detail.