Bank Act (Canada), s. 427 Filing (Notice of Intention) – a lender will register a notice of intention with the Bank of Canada to protect its security interest against a corporation, business or individual.
Bank Act (Canada), s. 427 Filing (Notice of Release) – a lender will register a notice of release with the Bank of Canada when all obligations of the debtor have been satisfied.
Bulk Sales Act (Ontario only) Filing – a vendor will file an Affidavit stating that all of the business creditors have been paid or will be paid out of the proceeds of a sale of equipment, merchandise or inventory in bulk, that falls outside of the normal course of business. It is crucial for a purchaser to search the court where the business has its registered head office to determine if an affidavit has in fact been filed.
Bank Act (Canada), s. 427 Filings – Notice of Intention
Two original copies of the notice of intention on the lender’s letterhead - must include the lender and debtor information and the 5 digit transit number.
Bank Act (Canada), s. 427 Filings – Notice of Release
One original copy of the notice of release on the lender’s letterhead - must include the lender and debtor information and the original notice of intention registration number.
Bulk Sales Act (Ontario only) Filing
Two original copies of the Bulk Sales affidavit, Statement to Seller’s Creditors and a Court back page – must include the address of the location of assets, the vendor and purchaser’s names, the purchase price, the date of the closing and any exhibits. Exhibits must be stamped. Bulk Sales affidavits must be filed within five days after the completion of the sale in bulk.
We review all filings and check for common discrepancies such as:
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