Ontario Revives Old Company to Settle Estate

Summary#

This bill would bring back a single Ontario company, Gilda Investments Limited, that was dissolved in 1995 for not filing required paperwork. The late owner’s daughter, who is the executor (person settling the estate), asked for this change so the company can deal with its assets and debts.

• Revives Gilda Investments Limited as if it had never been dissolved.
• Restores the company’s property, contracts, rights, and duties from before the dissolution.
• Keeps in place any rights other people gained after the company was dissolved.
• Takes effect once it is officially approved.

What it means for you#

• Executors and family of the late owner

  • Can manage the company’s assets, settle debts, finish or cancel contracts, or wind down the company properly.
  • Can transfer or sell property that is still in the company’s name.

• Creditors and business partners

  • Can make or resolve claims with the company using normal company rules.
  • Contracts made in the company’s name can be recognized and sorted out.

• People who bought property or gained rights since 1995

  • Your rights are protected. The bill says the revival does not take away rights others gained after the dissolution.

• General public

  • No change to everyday life. This is a private measure focused on one company’s legal status.

Expenses#

No publicly available information.

Proponents' View#

• Fixes an honest paperwork lapse so the estate can be settled fairly and completely.
• Brings clarity for anyone who did business with the company, making it easier to finish contracts and resolve debts.
• Restores the company “as if not dissolved,” which helps clean up titles, records, and tax matters.
• Includes a safeguard so people who gained rights after 1995 are not harmed.
• Uses a standard, narrow tool the Legislature has used before to revive old corporations when normal administrative steps are not available.

Opponents' View#

• Reviving a company after many years could create confusion in records or reopen old disputes.
• May lead to unexpected claims or liabilities resurfacing, which can be stressful for families or third parties.
• Uses legislative time for a private matter that affects few people.
• Even with protections, there could be edge cases where past and present rights conflict, leading to legal costs to sort them out.