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Revive dissolved company for estate settlement

Full Title:
Bill PR39, 778624 Ontario Limited Act, 2026

Summary#

This is a private bill to bring back (revive) a dissolved Ontario company called 778624 Ontario Limited. The goal is to let the estate trustee (the person managing a deceased person’s estate) deal with property still in the company’s name and continue the business the company had before it was dissolved in 1995.

  • Revives 778624 Ontario Limited as if it had never been dissolved.
  • Restores the company’s property and rights, and also its old debts and contracts.
  • Protects any rights that other people gained after the company was dissolved.
  • Takes effect as soon as it becomes law.

What it means for you#

  • Estate and family of Danny Romano

    • The estate trustee can manage, sell, or transfer property that is still in the company’s name.
    • The company can restart its past business or wind it down in an orderly way.
  • Creditors and business partners

    • You can again deal with the company to resolve unpaid bills or unfinished contracts from before dissolution.
    • Old debts and legal duties of the company come back into force.
  • People who gained rights to company property after 1995

    • Your rights remain protected. The revival cannot take away rights you legally gained after the company was dissolved.
  • Employees and customers

    • If the company resumes operations, it can hire staff, enter contracts, and serve customers under its original corporate identity.
  • General public

    • No broad change. This bill affects a single company and mainly clears up ownership and business matters tied to that company.

Expenses#

No publicly available information.

Proponents' View#

  • Restores a legal company so the estate can properly deal with assets still in the company’s name.
  • Protects third parties by keeping any rights they gained after 1995.
  • Provides a clear way to settle old contracts and debts rather than leaving them in limbo.
  • Limited scope: affects only one company and has no broad policy changes.

Opponents' View#

  • Reviving a long-dissolved company could reopen very old debts or disputes.
  • May be seen as rewarding past non-compliance with tax or filing rules.
  • Could create confusion for people who have dealt with the property or business over many years, even with protections in place.
  • Raises administrative work for government and courts with limited public benefit.