Foreclosure Proceedings under the PPSA

Summary

This practice note looks at the process under Ontario's Personal Property Security Act by which a creditor can "foreclose" on its collateral in satisfaction of a secured debt or obligation. It discusses the notice and service requirements, including what information should be included in the foreclosure notice given to the debtor, and outlines the procedure for objecting to the proposed foreclosure. It also looks at the foreclosure of personal property only and the consumer goods exclusion under the PPSA.