Private Bill Revives Dissolved Company

Summary#

This is a private bill to bring back a dissolved Ontario company, 1092167 Ontario Inc. It would restore the company’s legal status as if it had never been dissolved, while protecting rights that other people gained after the dissolution. The stated goal is to let the applicants deal with property still in the company’s name and repay its debts.

• Revives 1092167 Ontario Inc. and restores all of its property, rights, and privileges.
• Also restores all of its liabilities, contracts, and debts.
• Protects any rights other people acquired after the company was dissolved.
• Applies only to this one corporation.
• Starts on the day it receives Royal Assent.

What it means for you#

• Shareholders/applicants

  • The company comes back into legal existence. You can transfer, sell, or manage property held in the company’s name and address outstanding debts.

• Creditors of 1092167 Ontario Inc.

  • You could seek payment from the revived company, since its liabilities are restored.

• People who obtained rights after May 3, 2022 (the dissolution date)

  • Your rights are protected. The revival does not take away rights you acquired after the dissolution.

• General public

  • This bill has little to no direct effect on most people. It is meant to resolve matters for a single private company.

Expenses#

No publicly available information.

Proponents' View#

• The bill appears intended to let the applicants deal with property that remained in the company’s name after dissolution and to repay debts.
• Restoring the company “as if it had not been dissolved” could make it easier to sign documents, transfer assets, and resolve obligations that require a legally active corporation.
• The clause protecting rights acquired after dissolution could be seen as safeguarding third parties who acted in good faith during the period the company was dissolved.

Opponents' View#

• The bill does not provide details on the property involved, the size of the debts, or how quickly matters will be resolved, which may limit public transparency.
• Using a special act for a single company may raise questions about the use of legislative time for private matters, even if this is the required method in such cases.
• Restoring the company’s status retroactively (as if it had not been dissolved) could create some complexity about past transactions, even though the bill protects rights acquired after dissolution.