Ontario Company Revived to Settle Property

Summary#

• This bill brings back a dissolved Ontario company, 1581766 Ontario Ltd., so it can deal with property and other unfinished business.

• The company was voluntarily closed in January 2022. The former director asked the Legislature to revive it to handle property still in the company’s name.

• Key changes:

  • Revives the company as if it had never been dissolved.
  • Restores all its property, rights, and privileges.
  • Also restores all its debts, contracts, and duties.
  • Protects any rights that other people gained after the company was dissolved (those rights stay in place).
  • Takes effect once it receives final approval.

What it means for you#

• General public

  • No direct impact for most people. This is a narrow, one-company bill.

• Company owner and shareholders

  • The company can again own and manage its property.
  • You can sign, complete, or fix deals that were stuck because the company was dissolved.
  • You also regain responsibility for any company debts or legal duties that existed when it was dissolved.

• Creditors (people or businesses the company owes)

  • You can again pursue payment from the company, using normal processes.

• People with contracts or leases with the company

  • Contracts can be carried out or corrected under the company’s name.
  • If you rent from or to the company, title and paperwork issues can be fixed.

• Buyers, sellers, or lenders tied to the company’s property

  • Property title can be transferred or cleared by the company.
  • Any rights you gained after the dissolution are protected and remain in place.

Expenses#

• Estimated cost: minimal and limited to routine administrative work.

• No new programs, staff, or ongoing government spending.

• Minor processing by government registries may be required.

Proponents' View#

• Fixes a practical problem so property and contracts can be handled properly.
• Restores both rights and responsibilities, which is fair to creditors and partners.
• Protects third parties who gained rights after dissolution, limiting harm to others.
• Uses a standard, narrow tool (a private bill) for a special case when needed.

Opponents' View#

• Uses legislative time for a private matter that affects only one company.
• Could create confusion if people relied on the company’s prior dissolution.
• May spark disputes over which rights existed before and after dissolution, requiring legal clarification.