Ontario Company Revived to Manage Property

Summary#

• This is a private bill to bring back a dissolved Ontario company called 1505756 Ontario Inc.

• The company was shut down in 2024. Its former director wants it revived to handle property still in the company’s name.

• Key points:

  • The company is restored as if it had not been dissolved.
  • All its property, rights, and duties come back, along with its debts and contracts.
  • If anyone gained legal rights to the company’s property after it was dissolved, those rights stay in place.
  • The act takes effect as soon as it becomes law.

What it means for you#

• General public
  • No day-to-day changes. This bill affects one company’s legal status.
• Company owners or directors
  • The company’s legal powers return. It can own property, sign agreements, and manage past business.
  • Past duties also return, including any debts or contracts that existed when it was dissolved.
• Creditors (people or businesses owed money)
  • You can again deal with the company directly to resolve debts that existed at the time of dissolution.
• People with rights gained after dissolution (e.g., buyers, lien holders)
  • Any rights you legally gained after the company was dissolved are protected and remain in place.
• Tenants or users of the company’s property
  • You may have a clear landlord or owner to deal with again, which can make leases or repairs easier to handle.
• Government and registries
  • Corporate records will show the company as active again.

Expenses#

Estimated public cost: minimal administrative costs only.

• No new programs or funding are created.
• Any costs are limited to routine legislative and registry work.

Proponents' View#

• Restores a legal entity so it can deal with property that is otherwise stuck.
• Protects fairness by bringing back both rights and responsibilities, including debts.
• Includes a safeguard for third parties by keeping any rights they gained after dissolution.
• A standard, limited fix for a specific situation; avoids broader changes to law.

Opponents' View#

• Uses legislative time for a private matter affecting one company.
• Could create confusion for people who relied on the company being dissolved.
• Restoring old liabilities and contracts may lead to disputes that need time and money to resolve.