Province of Ontario Repeals the Bulk Sales Act

On March 22, 2017, this 100-year old act Bulk Sales Act was officially repealed.  

 

What this means is that PPSA searches in Ontario will become an absolute necessity as part of any due diligence process pursuant to an M&A transaction. Furthermore, until the full impact upon the process is assessed, it is recommended that bulk sales searches still be conducted in the interim where any related information is required prior to March 22, 2017. We will provide updates as the process becomes further defined.

 

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