This bill allows a specific corporation, 1976998 Ontario Inc., to be revived after being dissolved. The corporation was officially dissolved on July 26, 2023. The bill restores the corporation so it can continue to operate as if it was never dissolved. The revival is requested by Bijun Gong and Zhenyu Gong, who say they were the former directors and shareholders.
If you do business with 1976998 Ontario Inc., or if the company is involved in contracts or debts, this bill makes sure the company can continue its activities without interruption. The corporation will have the same rights, property, and obligations as before it was dissolved. For most people, this means the company's operations will stay the same, and any previous agreements are still valid.
No publicly available information.
Proponents, like the applicants, argue that reviving the corporation is necessary for the company to continue its business activities. They believe that restoring the corporation will help protect the interests of creditors, employees, and other stakeholders who rely on the company's ongoing operations. They also see this as a straightforward way to correct a voluntary dissolution that was no longer needed.
Opponents might be concerned about the fairness or transparency of reviving a dissolved company. They may worry that reviving the company could impact creditors or other parties who thought the company no longer existed. Additionally, some might argue that reviving a dissolved corporation could create legal or financial uncertainties for those who previously had dealings with the company. However, specific objections are not detailed in the bill or available analysis.