Revives Jarm Holdings to Manage Property

Summary#

This is a private bill for Ontario that brings back a dissolved company, Jarm Holdings Investments Ltd. The goal is to restore the company so it can deal with a piece of real estate still in its name. If passed, the company returns to the same legal position it had when it was dissolved in 2012. This includes getting back its property and rights, and also its debts and duties. Rights other people gained after 2012 are protected. The law takes effect once it receives Royal Assent (final approval).

• Revives Jarm Holdings Investments Ltd. as if it had not been dissolved.
• Restores any property, rights, and privileges the company had in 2012.
• Also restores any debts, contracts, and legal duties the company had then.
• Protects any rights other people gained after the company was dissolved.
• Takes effect on the day it becomes law.

What it means for you#

• Directors and owners of Jarm Holdings

  • You can act on behalf of the company again, including selling or managing the property.
  • You must also deal with any old company debts or obligations from before dissolution.

• Buyers, sellers, and tenants linked to the property

  • Clearing title and finishing sales or leases should be simpler because the company can sign documents and make decisions.
  • If you gained legal rights to the property after 2012, those rights are kept.

• Creditors and lenders

  • You can pursue valid debts the company owed as of the 2012 dissolution.
  • The company can work with you to settle accounts or release liens.

• Local governments and land registry

  • You may update records to reflect the revived company’s ownership and actions.
  • Day-to-day impact is minor and administrative.

• General public

  • No direct impact on most people.

Expenses#

No publicly available information.

Proponents' View#

• Lets the company properly manage or sell real estate that is still in its name.
• Restores the company’s ability to pay taxes, settle debts, and finish unfinished business.
• Uses a standard tool for rare cases when a company needs to be revived.
• Protects people who gained rights after 2012, so their interests are not harmed.
• Saves time and cost compared with more complex legal work-arounds.

Opponents' View#

• Reviving a long-dissolved company could reopen old debts or disputes.
• May cause some confusion for people who relied on the company being dissolved.
• Uses legislative time and attention for a private matter affecting a single company.
• Bringing back past liabilities could have knock-on effects for creditors and partners.