A new register of sales under judicial authority will be set up within the next days as the Regulation Respecting the Sales Register will come into force. This regulation is adopted under the new Code of Civil Procedure.
This new regulation requires the publication at the sales register of a notice of sale under judicial authority.
As of Jan. 1, 2016, a notice of sale will have to published at least 30 days before a sale and said notice will have to be notified to the debtor and any creditors having advised the designated officer of their claim or having registered their rights in the property at the register of personal and movable real rights if the property is a movable, and at the land register if the property is an immovable.
The notice of sale must indicate the court number, the name and contact information of the person designated with the sale as well as the names of the parties, the method of sale used and the terms and conditions of the sale.
Every notice sent to the Sales Register in the exercise of hypothecary rights contains a declaration to the effect that the person conducting the sale was designated by judgment.
The cost of registration of the notice is $750 for the sale of an immovable property and $90 for the sale of a movable property.
Since the notice has to indicate the court number and the name and contact information of the person designated with the sale, we must conclude that this is a different notice from the prior notice, and therefore a new notice that will have to be served and published separately.
Once the sale is completed, a notice stating the date on which the sale took place, the price and the terms of the sale will also have to be registered and filed with the office of the court.
There will be no cost for the publication of a notice of completed sale.
This new requirement will add significant costs to enforcement and, in our opinion, will not add any value to the process.
Should you have any questions, please do not hesitate to communicate with a lawyer of the recovery services group of our Montréal office.