Bring Back Faris Team Mortgage Brokerage

Summary#

• This is a private bill to bring back a single Ontario company: Faris Team Mortgage Brokerage Corp.

• The company had been dissolved in December 2023. The owner wants it revived to handle property still in the company’s name.

• Revives the company as if it had not been dissolved, restoring its property, rights, and privileges.

• Also restores its duties and debts (liabilities) from before it was dissolved.

• 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#

• General public

  • No direct effect for most people.

• Clients, partners, or property co-owners connected to this company

  • The company can again sign documents, transfer property, and finish deals that were stuck because it no longer existed.

• Creditors and contract holders

  • You can pursue claims against the company again, since its debts and legal duties are restored.

• People who acquired rights after the dissolution

  • Your rights are kept safe. The bill says revival does not take away rights others gained after the company was dissolved.

• Land and business records offices

  • Can process filings and property transfers in the company’s name once more.

Expenses#

Estimated public cost: minimal; the bill does not authorize any government spending.

• Costs, if any, are limited to routine paperwork and record updates.

Proponents' View#

• Fixes a practical problem by letting the company deal with property still in its name.
• Restores the company so it can settle any remaining contracts or debts properly.
• Protects third parties by keeping in place any rights they gained after the dissolution.
• Narrow, one-company bill with no broad policy changes and no direct cost to taxpayers.

Opponents' View#

• Using a special law for a single company may look like special treatment.
• Could blur the lines of the normal process for dissolving and reviving companies.
• Revival might cause confusion for people who thought the company was gone and acted based on that.
• Bringing back old debts and duties could trigger disputes or new claims.