Ontario Company Revived to Handle Property

Summary#

This private bill would bring back a dissolved Ontario company named 2708634 Ontario Ltd. The company was voluntarily closed in June 2022. Its owner, Paula Silver, wants it revived to deal with real estate that was still in the company’s name when it was dissolved. The bill takes effect once it becomes law.

• Restores the company as if it had never been dissolved.
• Brings back its property, rights, contracts, and also its debts and duties.
• Lets the owner sell, transfer, or manage the real estate held by the company.
• Protects any rights that other people gained after the company was dissolved.
• Becomes active on the day it receives Royal Assent (final approval).

What it means for you#

• General public

  • No direct effect on most people.

• Company owner (Paula Silver) and the corporation

  • Can manage, sell, or mortgage the property that was in the company’s name.
  • Can reopen accounts and sign contracts in the company’s name again.
  • Must also handle any revived debts, taxes, or other legal duties tied to the company.

• Creditors, contractors, or others with claims

  • Can pursue valid claims against the company again, since it is restored.

• People who gained rights after the dissolution

  • Your rights are kept. The revival does not take away rights you got after the company was dissolved (for example, if you legally acquired an interest during that time).

• Buyers, tenants, and real estate professionals

  • Clearer path to complete sales, leases, or filings related to the company’s property.

Expenses#

No publicly available information.

Proponents' View#

• Fixes a specific problem so the owner can properly deal with company property.
• Restores both assets and obligations, which is fair and complete.
• Protects third parties by keeping any rights they gained after dissolution.
• Narrow, routine action that does not change broader laws or policies.

Opponents' View#

• Uses legislative time for a private, single-company issue.
• Reviving a company also brings back old debts and liabilities, which could trigger disputes.
• May encourage others to seek special laws rather than relying on standard administrative processes.
• Limited public benefit beyond resolving one private matter.