Company revived to manage property titles

Summary#

• This is a private Ontario law that brings back a single company, MFIS Holdings and Investments Inc., that was dissolved in 2020.

• The goal is to let the company handle land (real estate) that is still in the company’s name.

• The company is “revived,” meaning it is legally treated as if it was never dissolved.

• It gets back its property, rights, and privileges. It also takes back its debts and duties.

• People who gained legal rights after the company was dissolved keep those rights.

• The law takes effect right away once it receives Royal Assent (formal approval).

What it means for you#

• Individuals connected to MFIS Holdings and Investments Inc.

  • The company can again own, sell, or transfer its land.
  • The company can sign contracts and handle other business matters.
  • Any past debts or legal duties return to the company.

• Creditors and business partners

  • You can deal with the company again, including collecting on valid debts.
  • Any rights you gained after the dissolution are protected.

• Property buyers, sellers, and tenants

  • Land title issues tied to this company can be cleared up and transferred.
  • If you bought rights in good faith after the company was dissolved, those rights remain.

• General public

  • No direct impact. This law applies only to this one company.

Expenses#

Estimated fiscal impact: none to minimal; administrative only.

• The law does not create a new program or spending.
• Any cost would be minor administrative work by the Legislature and public registries.
• No new taxes or fees.

Proponents' View#

• Fixes a narrow problem so land in the company’s name can be managed, sold, or transferred.
• Restores the company’s duties as well as its rights, so it does not escape debts.
• Protects people who gained legal rights after the dissolution.
• Avoids long delays and uncertainty in the land registry and real estate deals.

Opponents' View#

• Uses a special law to solve a private company’s issue, which some see as unfair or unusual.
• Reviving all past liabilities could create disputes or confusion about old obligations.
• Limited public information about the company’s debts or past dealings.
• May set an expectation that private bills will be used to correct corporate mistakes.