Effective October 19, 2021, the Government of Ontario has indicated that the Ontario Business Registry will be launched and available for filing voluntary dissolutions under Part XVI of the Business Corporations Act (Ontario). Importantly, consent of the Ministry of Finance will no longer be required as part of the process. The change will reduce the time required for dissolving an entity, as in the past receipt of the Ministry of Finance’s consent often required 4-6 weeks. Other aspects of the voluntary dissolution process will remain the same. Specifically, the dissolution must be authorized by a special resolution passed at a meeting of the shareholders or with the consent in writing of all the shareholders entitled to vote at such meeting. Additionally, the debt, obligations, and liabilities of the corporation, including any tax liability, must be discharged and the Articles of Dissolution must be signed by a director or officer of the corporation. If you are considering dissolution for one of your entities or would like to discuss the dissolution process, please do not hesitate to contact us.
September 30, 2021