Ontario Revives Acme Restoration Inc.

Summary#

• This Ontario bill would bring back a single company, Acme Restoration Inc., that was voluntarily closed in September 2024.

• The goal is to restore the company so it can deal with property still in its name. It would be treated as if it was never shut down, with some protections for people who gained rights after the closure.

• Revives Acme Restoration Inc. once the bill becomes law (Royal Assent, the formal sign-off).

• Restores all the company’s property, rights, and privileges that existed at the time it was dissolved.

• Also restores all debts, contracts, and other obligations from before the shutdown.

• Keeps in place any rights other people gained after the company was dissolved.

What it means for you#

• For company owners/directors:

  • The corporation comes back to life. You can manage and transfer property that is still in the company’s name.
  • Old debts and contracts return too. You must deal with them.

• For creditors or people with claims:

  • You can again pursue valid claims against the company, as if it had not been dissolved.

• For customers and business partners:

  • Contracts and agreements with the company are treated as active again, unless they were ended for other reasons.

• For people who gained rights after the dissolution (for example, bought a company asset in good faith):

  • Your rights are protected and remain in place.

• For the general public:

  • Little to no direct impact. This bill applies to one company only.

Expenses#

No publicly available information.

Proponents' View#

• This is a practical fix so the company can sell or manage property still in its name.
• It is fair to let a former director correct a closing that left loose ends.
• The bill protects other people by keeping rights they gained after the company was dissolved.
• It is narrow and affects only one business.

Opponents' View#

• Lawmakers’ time is being used to solve a private matter for one company.
• Bringing back a dissolved company could revive old debts or disputes and cause confusion.
• It may set an example that others will try to follow, instead of using regular administrative processes.
• There is little public detail about the property or liabilities, so it is hard to judge the risks.