Summary#
This private bill brings back a closed company, 2771280 Ontario Inc., so it can deal with a property it still held when it shut down in 2024. The applicant, a former director, asked for the revival.
- Revives the company as if it had never been dissolved (officially closed).
- Restores all its property, rights, and privileges, and also its debts, contracts, and duties.
- Protects anyone who gained legal rights after the company was dissolved; those rights stay in place.
- Takes effect as soon as it becomes law.
What it means for you#
- Workers, directors, and shareholders
- The company exists again and can manage, sell, or transfer the property in its name.
- Usual company duties return, like paying debts and filing any required taxes or reports.
- Creditors and contractors
- You can again make or enforce claims against the company, since it legally exists.
- Contracts with the company are treated as if the company had not been closed.
- Tenants or neighbors of the company’s property
- The company is the legal owner and landlord again; leases and services can continue under the company’s name.
- Buyers, lenders, and real estate professionals
- You can deal directly with the company to buy, finance, or register changes to the property title.
- General public
- No broad change to public services; this bill affects one company and its property.
- Third parties with new rights after dissolution
- If you gained rights after the company closed (for example, a registered interest on the property), those rights are kept and are not undone by this bill.
Expenses#
Estimated government cost: minimal; no new programs or funding.
- Costs are mainly administrative (processing the bill and updating records).
- No expected direct costs to cities or the general public.
Proponents' View#
- Solves a practical problem so the company can properly sell, manage, or transfer its property.
- Restores legal clarity for land title, taxes, and contracts tied to the company’s name.
- Protects others by keeping any rights they gained after the company closed.
- Lets creditors and other parties resolve unfinished business with a legally active company.
Opponents' View#
- Uses provincial legislative time to address a single private company’s issue.
- May signal that companies can rely on special laws instead of planning dissolutions more carefully.
- Revival can reopen old debts or disputes, which some parties may find disruptive.
- Requires extra legal and administrative steps to update records, which can add time and cost for those involved.