Credit-proofing protects your personal or corporate assets from potential creditors. An example of a credit-proofing transaction would be the transfer of corporate assets to a holding company, so that those assets would not be available to those who may have a claim against the business. Options for credit proofing are subject to a number of statutes, which may include provisions that would set aside a credit-proofing transaction under certain circumstances. These statutes include: Income Tax Act (Canada); Bankruptcy and Insolvency Act (Canada); Fraudulent Conveyances Act (Ontario); Assignment & Preferences Act (Ontario); and Criminal Code (Canada).