Restore Dissolved Company

Summary#

This is a private bill to revive a single Ontario company, 2417633 Ontario Limited. The company was voluntarily dissolved on September 4, 2024. The bill brings the company back as if it had not been dissolved, so it can carry on business again.

• Revives 2417633 Ontario Limited.
• Restores the company’s property, rights, and privileges, and also its liabilities, contracts, and debts, as they stood at the date of dissolution.
• Protects any rights that other people gained after the company was dissolved.
• Takes effect on the day it receives Royal Assent.

What it means for you#

• Shareholders and directors of 2417633 Ontario Limited

  • You can operate the company again under the same name.
  • The company regains its assets and rights from before dissolution.
  • The company also resumes its pre-dissolution obligations, contracts, and debts.

• Creditors and contract partners of the company

  • Pre-dissolution contracts and debts are restored, so you can deal with the company as if it had not been dissolved.
  • If you gained rights after the dissolution, those rights are preserved.

• Customers and suppliers

  • You can transact with the company again under its original name.
  • Existing business relationships from before dissolution may continue, subject to any changes made since then.

• General public

  • Little to no direct impact. This bill concerns one private corporation.

Expenses#

No publicly available information.

Proponents' View#

• The bill appears intended to let the company continue business under its original name after an earlier voluntary dissolution.
• Restoring property and contracts could provide continuity for ongoing business matters.
• Stating that third-party rights gained after dissolution are protected could reduce legal uncertainty for others.

Opponents' View#

• One concern is that restoring all past obligations could lead to disputes about which liabilities and contracts are revived and how they apply now.
• It is unclear how events that occurred during the dissolution period are handled in practice.
• The bill does not explain why special legislation is used, which may raise questions about process, though this does not affect the legal effect described.