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Smith Valeriote Lawyers Blog | Smith Valeriote LLP Law Firm Guelph

Your Asset Purchase/Sale Just Got Easier!

The Bulk Sales Act (“BSA”) has been repealed.

On March 22, 2017, the Burden Reduction Act, 2017 (“BRA”) received royal assent. Schedule 3 of the BRA repeals the BSA after 100 years of constraining the ability of sellers to sell “stock in bulk” outside of the usual course of business or trade.

Without the onerous requirements of the BSA, purchasers and sellers will have more certainty with respect to their transactions – as a failure to comply with the provisions of the BSA could have resulted in the sale being declared void – and asset purchase transactions should be easier and faster.

One of the stated goals of the BRA is to “cut red tape” and “make Ontario one of the easiest places in North America to do business”. Ontario was the last Canadian jurisdiction to have an act respecting bulk sales.

While this is certainly a benefit for parties to the transaction, creditors need not be concerned that their interests have been ignored. Since the enactment of the BSA, additional legislation has been put in place to provide creditors with a number of more effective ways to protect their interests.     

SmithValeriote’s Business Law team is available to help purchasers, sellers and creditors navigate their rights and obligations with respect to asset purchase transactions.

The content of this article is intended to provide a general guide to the subject matter and is not legal advice. Specialist advice should be sought regarding your specific circumstance.

Date:
2017.05.11

Services:
Real Estate Law

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SmithValeriote Law Firm LLP has 30 lawyers servicing the province of Ontario including the communities of Waterloo, Kitchener, Fergus, Cambridge, Elora and Guelph.

Smith Valeriote - Map to Guelph Offices

Guelph Office

105 Silvercreek Pkwy. N.
Suite 100 Guelph, ON N1H 6S4

Phone: 519 837 2100
Fax: 519 837 1617

Toll Free: 1 800 746 0685

Email: guelphinfo@smithvaleriote.com

Smith Valeriote - Map to Fergus Offices

Fergus Office

265 Bridge Street
Fergus, ON N1M 1T7

Phone: 519 843 1960
Fax: 519 843 6888

Toll Free: 1 800 746 0685

Email: fergusinfo@smithvaleriote.com