The applicant Trustee in Bankruptcy and Receiver sought approval of its reports and a declaration that a 2009 transfer of a half-interest in a residential property by the bankrupt to his spouse was a transfer at undervalue under the Bankruptcy and Insolvency Act and a fraudulent conveyance under the Fraudulent Conveyances Act.
The court approved the Receiver's reports but dismissed the application regarding the property transfer.
The court held that the 'transfer' under s. 96 of the BIA occurred when the transfer documents were executed, not when they were registered, placing it outside the five-year lookback period.
Furthermore, the transfer was made for valid consideration as part of a matrimonial settlement, and there was no intent to defeat creditors.
