Summary#
This Ontario private bill would bring back a dissolved company, Five Senses Productions Inc., which was shut down in 2016. It restores the company so it can carry on business again under its old name.
- Revives Five Senses Productions Inc., a company that was voluntarily dissolved in 2016.
- Restores all its property, rights, and privileges, as if it had not been dissolved.
- Also restores its obligations, including contracts, debts, and legal duties.
- Protects any rights other people gained after the company was dissolved; those are not undone.
- Takes effect when it receives Royal Assent (formal approval to become law).
What it means for you#
- Shareholders and directors
- Can use the company again to run business and sign contracts under its name.
- Must deal with any unpaid debts or legal duties that the company had.
- Creditors and business partners
- Can again enforce contracts or claims against the company, if any existed.
- Get clearer legal standing to resolve past business matters with the company.
- Employees and contractors
- Could be rehired or paid for past work if anything is still owed.
- General public
- Little to no direct effect. This bill concerns one company only.
Expenses#
No publicly available information.
Proponents' View#
- Lets the owners restart business under the established corporate name.
- Restores contracts and assets, which can help finish old projects or start new ones.
- Ensures creditors are protected because the company’s obligations come back too.
- Standard approach for unique cases where an old corporation needs to be revived.
- Does not harm others because rights gained after the dissolution stay in place.
Opponents' View#
- Reviving an old company could reopen past debts or disputes, creating confusion.
- Some people may have relied on the company being dissolved and now must adjust.
- Using a special law to revive one company may raise fairness or precedent concerns.
- The company will have to untangle old records, taxes, and filings, which could be messy.