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ARTICLE · 05 AUGUST 2019

Do You Know Where Your Debtor Is? Debtor Location Rules Changes To The British Columbia Personal Property Security Act

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The information needed to register a financing statement in order to perfect a security interest includes not just who the debtor is and what collateral is charged, but also where the debtor is located.

CanadaFinance and Banking
Harman Bains
Harman Bains
Chris Colonval
Chris Colonval
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The information needed to register a financing statement in order to perfect a security interest includes not just who the debtor is and what collateral is charged, but also where the debtor is located. The location of a debtor is the jurisdiction in which a security interest in specified kinds of collateral1 ("Debtor Location Collateral") must be perfected.

Until recently, the British Columbia Personal Property Security Act ("PPSA"), like most equivalent legislation in other provinces across the country, provided that a debtor is located at: its place of business; its chief executive office if it has more than one place of business; or the place of residence of the debtor, if the debtor has no place of business2. However, as of June 1, 2019, the test for determining the location of a debtor under the PPSA was changed to a more objective test, which for many debtors that are entities will be the place that the debtor is incorporated or otherwise organized. The

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