CIBC Mortgage Corporation to dissolve

Summary#

This notice says that CIBC Mortgage Corporation has completed most steps to wind itself down and plans to be formally dissolved. Its assets were transferred to its sole shareholder, Canadian Imperial Bank of Commerce, and the company intends the dissolution to take effect on or after March 4, 2022.

What it does#

• States that the Minister of Finance approved CIBC Mortgage Corporation’s request to be dissolved on June 1, 2001.
• Confirms that CIBC Mortgage Corporation has distributed its property to its sole shareholder, Canadian Imperial Bank of Commerce.
• Announces the company will request final 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 the mortgage company.

Who's affected#

• Canadian Imperial Bank of Commerce as the sole shareholder taking on the company’s assets and obligations.
• Any remaining creditors or people with outstanding claims against CIBC Mortgage Corporation.
• It is not clear from the notice whether individual borrowers, accounts, or former employees will see operational changes; the notice only says the property was transferred to CIBC and that CIBC will handle remaining obligations.

Why it matters#

• This is the formal end of CIBC Mortgage Corporation as a separate legal entity.
• Because Canadian Imperial Bank of Commerce is taking on remaining obligations, most customers or claimants may not need to deal with a separate company — but they should confirm their situation with CIBC if they have (or had) business with CIBC Mortgage Corporation.
• The key date to watch is March 4, 2022, when the dissolution may take effect.