Summary#
This private bill in Ontario brings back a company called Social Asset Measurements Inc. The company was dissolved in October 2024, and the former director asked to revive it so the company can deal with debts and other issues left at that time.
- Revives Social Asset Measurements Inc. and restores its legal status.
- Brings back its property, rights, and privileges, and also its debts and duties, as if it had never been dissolved.
- Lets the company address liabilities that existed when it closed.
- Keeps any rights that other people gained after the company was dissolved.
- Takes effect once it receives Royal Assent (formal approval).
What it means for you#
- Workers, customers, and suppliers:
- You can deal with the company again if you have ongoing matters, contracts, or payments tied to it.
- People owed money or with claims against the company:
- You have a legal company to pursue for debts or to settle claims that existed when it dissolved.
- Company directors or owners:
- The company is legally restored so you can manage assets, settle debts, and wrap up unfinished business.
- General public:
- No direct impact on everyday life.
Expenses#
No publicly available information.
Proponents' View#
- Reviving the company lets unfinished debts and duties be handled properly.
- Protects creditors and others by restoring a legal entity they can deal with.
- Restores the company’s assets so they can be used to settle liabilities.
- Limited impact on others because rights gained after dissolution remain in place.
- A narrow, one-company fix that resolves a specific problem.
Opponents' View#
- Uses legislative time for a private matter involving one company.
- Could cause confusion for people who believed the company no longer existed.
- May reopen old disputes or claims that some parties thought were closed.
- The bill does not explain potential costs or timelines for resolving the company’s liabilities.