Bankruptcy and the 407 Highway
Bankruptcy and the 407 HighwayA recent Court of Appeal case in Ontario has now decided that if you file an assignment in bankruptcy and you owe money to ETR/407 (Highway 407 Act), this debt is allowed to be included in your bankruptcy without fear that the ETR/407 will be able to require the Province of Ontario, Ministry of Transportation to stop the issuance of your vehicle permit. A clear win for people who have to file bankruptcy in Ontario.
The downside: ETR/407 has too much to lose. They have asked that there be a stay on the court decision while they file an appeal which, of course, will take several years.
What about the people who have already had their renewal of vehicle permits denied? Also, unknown at this time is the question as to the date when the ETR/407 loses the ability to require the Ministry of Transportation for Ontario to withhold the vehicle permit. The two dates to consider are the date when a bankruptcy is filed in Ontario and the date when the person is discharged from his bankruptcy.
Contact Rumanek and Company for information regarding bankruptcy in Ontario and debt solutions.