In Re Fancy, a Businessman Knew That He Was Facing

question 3

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

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