In Re Fancy, a Businessman Knew That He Was Facing

question 79

Multiple Choice

In Re Fancy, a businessman knew that he was facing substantial losses from pending litigation. Shortly before declaring bankruptcy, he transferred his interest in the matrimonial home to his wife. What was the result?

• A) The Court reversed the transfer, because it was unnecessary: The wife would automatically receive the matrimonial home once the bankruptcy took effect.
• B) The Court allowed the transfer, determining the wife was not a co-conspirator.
• C) The Court allowed the transfer, because transfers between spouses are exempt under the Bankruptcy and Insolvency Act.
• D) The Court reversed the transfer, determining it was a prohibited settlement under the Bankruptcy and Insolvency Act.
• E) The Court declined to exercise jurisdiction because a bankrupt has no status to appear in court.

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Definitions:

Cholecystokinin

A hormone that is primarily involved in digestion and regulating appetite, released by the intestines in response to the consumption of fats.

Hormone

A chemical substance produced in the body that controls and regulates the activity of certain cells or organs.

Satiety

A feeling or state of being satisfied or full, commonly referring to the sensation of having had enough to eat.

Sexual Response Cycle

Stages of physical and emotional reactions experienced during sexual activity, which encompass arousal, plateau, orgasm, and resolution.