CIBC Mortgage Corporation Dissolution Planned

Summary#

This notice says that CIBC Mortgage Corporation plans to be dissolved. Its assets have been given to its sole shareholder, Canadian Imperial Bank of Commerce (CIBC), and the company intends to ask for formal dissolution to take effect on or after March 4, 2022.

What it does#

• Records that the Minister of Finance approved CIBC Mortgage Corporation’s application for letters patent under the Trust and Loan Companies Act on June 1, 2001.
• Confirms CIBC Mortgage Corporation has distributed its property to its sole shareholder, CIBC.
• Says CIBC Mortgage Corporation will request letters patent of dissolution to take effect on or after March 4, 2022.
• States that CIBC will pay and discharge any remaining obligations of CIBC Mortgage Corporation.

Who's affected#

• CIBC Mortgage Corporation itself (it will cease to exist as a separate company if dissolution proceeds).
• Its sole shareholder, Canadian Imperial Bank of Commerce.
• Creditors, former borrowers, contractors, employees, or anyone with outstanding claims or business with CIBC Mortgage Corporation may be affected.
• The notice does not say whether the company still has active accounts or outstanding loans, so it is unclear how many people will be directly impacted.

Why it matters#

• Dissolution ends the company as a separate legal entity. That can change who you deal with for payments, claims, or records related to loans or contracts the company once held.
• The notice says CIBC will handle remaining obligations, so people with outstanding business may need to confirm where to direct enquiries or claims.