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Opportunities: Corporate and commercial law
Actions in progress
Create a link between the federal Office of Superintendent of Bankruptcy and ServiceOntario
Status: Action in progress
What we heard
There is no link between the Office of Superintendent of Bankruptcy and ServiceOntario in regard to the Bankruptcy and Insolvency Act.
Our plan
ServiceOntario will determine whether a hyperlink to the Office of the Superintendent of Bankruptcy Canada website can be provided without flagging specific corporations in ServiceOntario’s database.
Actions Tracking
Modernize the filing of annual returns, incorporation and dissolution of a corporation
Status: Action tracking
What we heard
Filing annual returns, incorporating and dissolving a corporation are difficult to do in Ontario.
Our plan
In Ontario, annual returns and incorporations can already be submitted electronically. The Ministry of Government and Consumer Services will reduce duplication and administrative burdens for businesses by modernizing the business registry and expanding online service.
No action recommended
Simplify the dissolution of a corporation as it relates to the Bankruptcy and Insolvency Act
Status: No action recommended
What we heard
It is difficult to dissolve a corporation in Ontario.
Our plan
The Bankruptcy and Insolvency Act is federal legislation. The process of bankruptcy does not require dissolution of a corporation. Even at the end of the bankruptcy process (i.e. when a trustee is discharged), the corporation may continue to exist.