Due Diligence Searches (Security Searches)

Once you have confirmed a company's existence, operating jurisdiction and established its owners through our corporate and business name search services you can now select from our Security Searches services to assist you in 'painting a financial picture' on the business or individual.

Reveal both current and historical information relating to Litigation (court case) matters, Judgement details, Bankruptcy, Liens, Asset Sales and more. Before doing business with new potential suppliers or customers these services can reveal crucial information to assist with your business decision processes.

Not sure what you're looking for?
Simply click on a search item in the chart below to display the full service description including the price and turnaround times. For further clarification send an email to: info@centrolegalworks.com or call 416.599.4040 / 1.877.239.6616.

SECTION 427 SEARCH UNDER THE BANK ACT

Canadian Banks have the right to lend money to wholesalers, retailers, shippers and dealers in "products of agriculture, products of aquaculture, products of the forest, products of the quarry and mine, products of the sea, lakes, and rivers, of goods, wares and merchandise, manufactured or otherwise" on the security of such goods or products, and to lend money to manufacturers on their goods and inventories.

Under the Bank Act the borrower must sign a particular document that provides the bank the first preferential lien on the goods or equipment. The Bank then registers a 'Notice if Intention' to take the goods as security, to perfect its security interest.

A 'Bank Act Search' determines if a company or individual is under an agreement with their bank as described above.

Obtain Certificate Centro Fee   $20.00 $25.00 Gov Fee   $ 8.00 varies GST   $ 1.20 $1.50 TOTAL   $29.20 varies

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BULK SALES ACT SEARCHES

Sales of large quantities of stock or the sale of assets and equipment of the business itself outside the regular course of business are considered a sale "in bulk". The Bulk Sales Act is designed to protect the creditors of a business owner by requiring the owner to follow the procedures of the Act for sales outside the regular course of business.

If a buyer wishes to purchase the assets and equipment of a business, the seller "in bulk" must provide an affidavit stating that all creditors have been paid, or they will be paid from the proceeds of the sale. In some cases the buyer pays an assigned trustee creditors of the business may wish to waive their rights in which case the proceeds are paid.

A 'Bulk Sales search' determines if a bulk sales affidavit has been filed with the Superior Court of Justice.

Manual Search - Toronto (same day) Outside Toronto or Ontario* Centro Fee   $25.00 $25.00 Gov Fee     varies GST   $ 1.50 - TOTAL   $26.50 varies

Order Online Toronto searches only

*Agent/travel fees do apply and vary depending on location. Copies are an additional charge

BULK SALES AFFIDAVIT FILING

We provide filing services for Bulk Sales Affidavits across Ontario. Simply send the documents to our office with a memo indicating the city of the transaction. See below for specific document requirements.
Note: Bulk Sales Affidavits must be filed within 5 days of the date of the sale/transaction. (This includes weekends!) The filing must also be filed where the assets being purchased are located.

Bulk Sales Filing Requirements:

2 original copies of the Bulk Sales Affidavit
Statements of Secured and Unsecured Creditors
Backing pages for each set of documents
A cheque payable to the Minister of Finance for $75
A memo on firm letterhead with detailed instructions

Bulk Sales Affidavit Filing - Toronto Outside Toronto Centro Fee   $25.00 from $25.00 plus agent fee Gov Fee   $75.00 $75.00 GST   $ 1.50 varies TOTAL   $101.50 varies

Additional charges may apply if disbursement cheque is not provided. Courier and agent fees are additional for out of town filings. Rush charges may apply.

EXECUTIONS

If a creditor has taken the appropriate litigation steps and fails to collect moneys owed by a debtor in default, a judge may issue a Writ of Execution. Once a judgement is issued and the debtor does not make payment the writ will be registered at the local Sheriff's office. In several areas, as in Toronto, the Sheriffs office and Land Registry office have amalgamated to simplify the search and registration process of executions.

As with other security searches an individuals complete and correct name is required in order to pull the correct information. When searching a company name, it's good practice to refer to the companies originating charter documents.

An Execution search: If no record is found in the database, a certificate can be obtained from the Sheriffs office stating no record is found. If an execution exists a summary printout can be obtained for an additional government fee. The printout is only a summary of the execution and not the actual document. Copies of the actual documents can be obtained for an additional fee.

Writs of Execution Search Centro Fee   $20.00 $25.00 Gov Fee   $11.00 varies GST   $ 1.20 $1.50 TOTAL   $32.20 varies

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Writs of Execution Search with extraction report Centro Fee   $20.00 $25.00 Gov Fee   $11.00 varies GST   $ 1.20 $1.50 TOTAL   $32.20 varies

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LITIGATION SEARCH

Litigation searches are conducted at the local Superior Court of Justice. Once again, the correct names are required which are either individuals or company names. Case details are retrieved from the Courts database and provided on a summary form. It outlines the parties involved, the court file number, the type of filing and the date it was filed. Copies can be obtained from the file if required.
Notice to Clients: If copies are required it can take anywhere from 5 to 10 business days depending on the age of the file and its location.

Litigation Search Centro Fee   $25.00 $25.00 Gov Fee     varies GST   $ 1.50 $1.50 TOTAL   $26.50 varies

Order Online Toronto searches only

Litigation Search - pull file and supply copies Centro Fee   $25.00 $25.00 Gov Fee   varies varies GST   $ 1.50 $1.50 TOTAL   varies varies

Order Online Toronto searches only

Small Claims Court Search - Toronto Centro Fee   $35.00 Gov Fee   varies GST   $2.10 TOTAL   $37.10

Order Online Toronto searches only

Litigation Search - Outside Toronto* Centro Fee   $25.00 Gov Fee   varies GST   $ 1.50 TOTAL   varies

Order Online Toronto searches only

*Agent/travel fees do apply and vary depending on location. Copies are an additional charge

BANKRUPTCY

Initiation of Bankruptcy Proceedings

Debtors have three options when attempting to rectify their financial difficulties. A debtor may:

1. Make a proposal to his/her creditors
2. Make a voluntary assignment in bankruptcy
3. Permit the creditors to petition for a receiving order

• Proposal
  If a debtor faces financial difficulty, or the secured creditors have notified the debtor of their intention to claim the monies owed, the debtor can file with the Official Receiver a notice of intention to make a proposal to its creditors.
• Voluntary assignment
  Under a voluntary assignment the debtor files with the Official Receiver an assignment of his or her property for the benefit of the creditors, the assignee's name is left blank. The Official Receiver then selects a trustee to accept the debtors' property and to proceed with the bankruptcy.
• Petition
  The first two described above are voluntary actions a debtor can take, this last procedure are the action(s) of the creditor(s). If a debtor, as defined by the act, has debts in excess of $1000 owing to more than one creditor and has committed an act of bankruptcy, a creditor may file a petition for a receiving order with the Registrar in Bankruptcy. This can be done at anytime within 6 months after the act of bankruptcy occurred.
  
  If the debtor does not object to the petition, the registrar issues a receiving order making the debtor 'bankrupt' and permits the appointment of a trustee to administer the estate.
  
  More information on the Bankruptcy and Insolvency Act can be found here:
  http://laws.justice.gc.ca/en/B-3/

Bankruptcy Search: Conducted at the local Bankruptcy Court office which covers the Petition records as well as the database to determine if a bankruptcy is in process declaring an individual or company bankrupt.

Bankruptcy Search with file copies* Centro Fee   $25.00 $25.00 $25.00 Gov Fee     varies varies GST   $ 1.50 - $1.50 TOTAL   $26.50 varies varies

Order Online Toronto searches only

*Copies are an additional charge

INSOLVENCY NAME SEARCH with the Official Receiver

This search will reveal any record of bankruptcies, petitions filed at the Office of the Superintendent of Bankruptcy and proposals filed in Canada from 1978 to date. The search also covers all private and court appointed receiverships filed in Canada from 1993 to date.

If no record is found a certificate from the Office Superintendent of bankruptcy is provided for all searches.

Official Receiver Certificate Centro Fee   $20.00 Gov Fee   $ 8.00 GST   $ 1.20 TOTAL   $29.20

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