Ontario bill revives Vaughan Basketball Inc.

Summary#

• This bill brings back a single Ontario company, Vaughan Basketball Inc., that was voluntarily closed in September 2024.

• It restores the company to the same legal position it had before it was dissolved, as if it had never closed, while keeping safe any rights other people gained in the meantime.

• The bill takes effect once it becomes law.

• Key changes:

  • The corporation is revived and can operate again under its old name.
  • Its property, rights, and privileges are restored.
  • Its past contracts and debts return as company responsibilities.
  • People who gained rights after the company was dissolved keep those rights.

What it means for you#

• Business owners and directors of Vaughan Basketball Inc.:

  • You can carry on business under the same corporate name.
  • You regain the company’s property and rights, but also its duties and debts.
  • You can continue past contracts as if the company had not been dissolved.

• Customers and clients:

  • You can deal with the same company name again.
  • Contracts or agreements made before the dissolution can be treated as active with the revived company.
  • If you gained new rights after the company closed, those rights are preserved.

• Employees and contractors:

  • Employment or service agreements from before the dissolution can be recognized by the revived company.
  • Any unpaid amounts owed by the company before it closed remain owed by the company.

• Creditors and suppliers:

  • You can pursue claims against the company again.
  • Past invoices and contracts are still enforceable against the revived company.

• General public:

  • This is a narrow, one-company bill. It does not change general business or charity laws.

Expenses#

No publicly available information.

Proponents' View#

• It is a straightforward fix that lets a small company continue its activities without starting from scratch.
• Restoring the company protects people who relied on its contracts, permits, or insurance.
• The bill safeguards third parties by keeping any rights they gained after the dissolution.
• Revival by special law provides clear continuity when that matters for ongoing agreements.

Opponents' View#

• Using the Legislature’s time to revive a single company may seem inefficient; some prefer an administrative process.
• Bringing back all past debts and liabilities could create surprises for stakeholders.
• There may be confusion about actions taken while the company was dissolved and how they are handled after revival.
• Granting individual revival bills might encourage more one-off requests, adding to the legislative workload.