Bulk Sales Legislation (1983)
Keywords: bulk sale; goods; transfer; creditor; debtor; debt; asset; fraud; lent; dissipation; liquidation; merchant; manufacturer; proprietor; chattel; fiduciary; credit; vendor; wholesaler; stock; penalty; bankruptcy; Sale of Goods in Bulk Act
This project examines the Sale of Goods in Bulk Act, which was enacted primarily to protect unsecured creditors from debtors who sought to put assets beyond their reach by way of a bulk sale. A bulk sale is a transfer of all or substantially all of the assets of a business. It is made out of the ordinary course of that business. Bulk sales legislation imposed certain formalities on such transfers. It is open to question whether these formalities are in keeping with contemporary commercial realities.
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