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Advice You - Do I Lose My Car if I Go Bankrupt in Ontario, Canada?
Throughout Ontario, and in fact everywhere in North America, people drive cars, and they worry that they will lose thei
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
r car if they file for personal bankruptcy. The rules are different in every province and state, so this article only
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
overs the law in Ontario, Canada. Consult your advisor for the rules in your area. In Ontario, if you go bankrupt, eff
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
ctive June 22, 2006 you are permitted to keep one motor vehicle worth up to $5,650.
If you owned, for example, a vehic
If you owned, for example, a vehic
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
e that had an appraised value of $6,650, you could pay $1,000 into your bankruptcy estate and keep your vehicle. (This
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
example assumes that there are no liens against your vehicle; if you owe money against the vehicle, you would have to m
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
ke pay the lender to keep the vehicle).
If you wanted to pay the $1,000 to keep the vehicle, the money could come from
If you wanted to pay the $1,000 to keep the vehicle, the money could come from
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
your earnings after you file bankruptcy, or you could borrow the money from friends or family (provided they understood
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
that you were bankrupt). If you owned a vehicle worth $9,650, and you could not afford to pay to your trustee the $4,6
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
50 necessary to keep the vehicle, the trustee would sell the vehicle. However, according to the Ontario Executions
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
ct, paragraph 3(3):
Where exemption is claimed for a motor vehicle that has a sale value in excess of the amo
Where exemption is claimed for a motor vehicle that has a sale value in excess of the amo
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
nt referred to in paragraph 6 of section 2 plus the costs of the sale, the motor vehicle is subject to seizure and sale
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
under a writ of execution and the amount referred to in that paragraph shall be paid to the debtor out of the proceeds
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
of the sale.
Therefore if you surrendered the vehicle and the trustee sold it, you would be entitled to receive t
Therefore if you surrendered the vehicle and the trustee sold it, you would be entitled to receive t
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
e first $5,650 of the proceeds, and you could use that money to purchase another vehicle, because paragraph 4(4) of the
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
Executions Act goes on to say that:
The sum to which a debtor is entitled under subsection 3 (1), (2) or (3) is ex
The sum to which a debtor is entitled under subsection 3 (1), (2) or (3) is ex
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
mpt from attachment or seizure at the instance of a creditor.
Here's a final thought. If you do own a valuable
Here's a final thought. If you do own a valuable
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
car, instead of going bankrupt and losing it, another option is to file a consumer proposal so that y
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
u can keep your car. Clearly this is a complicated area, so if you own a car and are considering filing for bankruptcy
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
in Ontario, you should contact a trustee and arrange for a no-charge initial consultation before you make any decisions
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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