Summary#
This private bill brings back a dissolved Ontario company, 1092167 Ontario Inc. The owners asked for this so they can deal with property still in the company’s name and pay money the company owes. The bill restores the company as if it had never been dissolved, while protecting any rights other people gained after it closed. It takes effect once it gets Royal Assent (final approval by the Lieutenant Governor).
- Revives 1092167 Ontario Inc., which was dissolved in 2022.
- Restores the company’s property, rights, and privileges.
- Also restores its duties, contracts, and debts.
- Protects rights that others gained after the dissolution.
- Takes effect on Royal Assent.
What it means for you#
- General public:
- Little to no direct impact on daily life.
- Creditors (people or businesses the company owes money to):
- The company can operate again to repay debts.
- People tied to the company’s property or contracts:
- The company can sell, transfer, or manage property that was in its name.
- Old contracts can be handled or wound up properly.
- Third parties who gained rights after the company dissolved:
- Your rights stay protected by the bill.
- Shareholders/applicants:
- You can finalize the company’s unfinished business, including property matters and repayments.
Expenses#
No publicly available information.
Proponents' View#
- Revival lets the owners deal with property still held in the company’s name.
- It allows the company to repay money it owes to others.
- It is a narrow, practical fix with no broader policy changes.
- The bill protects people who gained rights after the company was dissolved.
Opponents' View#
No publicly available information.