CIBC Mortgage Corporation Dissolution Planned

Summary#

This notice announces that on June 1, 2001 the Minister of Finance approved dissolving CIBC Mortgage Corporation under the Trust and Loan Companies Act. The company says it has transferred its property to its sole shareholder, Canadian Imperial Bank of Commerce, and plans to ask for final dissolution to take effect on or after March 4, 2022. The notice was published December 11, 2021.

What it does#

• Confirms that the Minister of Finance approved letters patent dissolving CIBC Mortgage Corporation on June 1, 2001 under the Trust and Loan Companies Act.
• Says CIBC Mortgage Corporation has distributed its assets to its sole shareholder, Canadian Imperial Bank of Commerce.
• States that CIBC Mortgage Corporation intends to request formal letters patent of dissolution to take effect on or after March 4, 2022.
• Says Canadian Imperial Bank of Commerce will pay and discharge any remaining obligations of CIBC Mortgage Corporation.

Who's affected#

• Canadian Imperial Bank of Commerce, as the sole shareholder and recipient of the company’s property.
• Creditors or claimants of CIBC Mortgage Corporation who may have outstanding claims or obligations.
• It is unclear from the notice whether there are any remaining customers, borrowers, or employees directly affected; the notice does not say.

Why it matters#

• This is the formal wind-up of a mortgage company and the transfer of its assets and responsibilities to its parent bank.
• The notice says the parent bank will handle any remaining debts, which matters to anyone who thinks they have a claim against CIBC Mortgage Corporation.
• If you believe you have dealings with or claims against CIBC Mortgage Corporation, this notice signals you may need to contact Canadian Imperial Bank of Commerce or monitor official sources for next steps.