Reviewable Transactions

Project Details

The Uniform Law Conference of Canada (ULCC) approved the Uniform Act in 2012. The Uniform Act is intended to replace the statutory and common law of fraudulent preferences and conveyances. As the ULCC noted:

The Reviewable Transactions Act does not depart radically in policy and function from the pre-reform law designed to protect unsecured creditors. However, it provides a comprehensive set of clear rules designed to overcome the uncertainty produced by more than a hundred years of incremental legislation and judicial decisions addressed to creditor-defeating dealings.

The primary benefits of the Uniform Reviewable Transactions Act, according to the ULCC, are that it brings a clear set of rules that are better harmonized with the federal Bankruptcy and Insolvency Act. ALRI has recommended that the Uniform Act should be implemented in Alberta.