Restore Company to Clear Property Title

Summary#

This is a private bill to bring back a single Ontario company that was dissolved. It revives 338026 Ontario Limited so it can deal with real estate that was in the company’s name when it was shut down. The goal is to restore the company’s legal status as if it had not been dissolved, while protecting any rights others gained after the dissolution.

• Revives 338026 Ontario Limited that was voluntarily dissolved on April 16, 2024.
• Restores all its property, rights, and privileges, and also all its debts and duties, as of the date it was dissolved.
• Protects third parties: any rights others acquired after the dissolution remain in place.
• The stated purpose is to let the company handle certain real property (land or buildings) that was in its name.
• Takes effect on the day it receives Royal Assent.

What it means for you#

• 338026 Ontario Limited (and its owner)

  • The company comes back into legal existence.
  • It can own, manage, sell, or transfer the real property that was in its name.
  • It regains the power to sign contracts and take part in legal actions.
  • It is again responsible for any debts, contracts, or legal duties it had as of the dissolution date.

• Creditors and contract partners of 338026 Ontario Limited

  • You may again pursue claims against the company, since it is restored along with its liabilities.
  • Any contracts that existed at dissolution would likely be treated as still in effect, unless ended by their terms.

• People who gained rights in the property after the company was dissolved

  • Your rights are preserved. The revival is “subject to any rights acquired by any person after its dissolution.”

• General public

  • This bill is specific to one company. It does not change general rules for other businesses or the public.

Expenses#

No publicly available information.

Proponents' View#

• The bill appears intended to fix a practical problem: a dissolved company cannot easily deal with land still in its name.
• Revival lets the company transfer or manage that property and settle related affairs.
• Restoring the company “as if it had not been dissolved” could make it simpler to resolve contracts, titles, and debts tied to the property.
• The text preserves any rights others acquired after dissolution, which could be seen as a safeguard for third parties.

Opponents' View#

• One concern is that the bill addresses a single private matter with limited public impact, using legislative time for a narrow case.
• The bill brings back all liabilities and contracts as of the dissolution date, but it does not detail what those are, which may create uncertainty for affected parties.
• It is unclear from the bill what specific property is involved and who else might be affected, which may complicate implementation.
• Even with the protection for third-party rights, restoring a dissolved company could still lead to disputes over property or past obligations.