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Revive Closed Company to Restore Property

Full Title:
Bill PR40, Step by Step Investments Inc. Act, 2026

Summary#

This bill brings back a single Ontario company, Step by Step Investments Inc., that was voluntarily closed in 2022. The main goal is to let the company exist again so it can deal with property that was still in its name when it shut down.

  • Revives the company in law, as if it had not been dissolved.
  • Restores its property, rights, and privileges—and also its debts and duties—from the date it closed.
  • Does not undo legal rights that other people gained after the company was dissolved.
  • Takes effect when it receives Royal Assent (formal sign-off).

What it means for you#

  • Company owners and directors

    • Can manage, sell, or transfer property that is still in the company’s name.
    • Can sign contracts and take other steps to wrap up outstanding business.
    • Must also deal with any old debts or legal duties that come back with the revival.

  • Creditors and business partners

    • Can pursue valid claims against the company that existed before dissolution.

  • People who gained rights after the company closed

    • Your rights are protected. The revival cannot take away legal rights you gained after the company was dissolved (for example, if you bought property in good faith).

  • General public

    • No direct impact on everyday services or taxes. This is a targeted, one-company measure.

Expenses#

No publicly available information.

Proponents' View#

  • Helps fix a specific problem: property was left in the company’s name, and revival is needed to deal with it properly.
  • Restores the company’s responsibilities along with its rights, so creditors can be paid and obligations met.
  • Provides legal clarity for land records and other registrations tied to the company’s name.
  • Protects third parties by keeping in place any rights they gained after the company was dissolved.

Opponents' View#

  • Uses legislative time for a private matter involving one company.
  • Could reopen old disputes or debts, creating administrative work for others.
  • May confuse people who believed the company no longer existed and acted based on that understanding.