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    SimonCarr's Avatar
    SimonCarr Posts: 2, Reputation: 1
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    #1

    Jun 8, 2008, 04:56 PM
    Corporate Liability Time Limit for Inactive Company Ontario, Canada
    Hi,

    For economic reasons (SARS effects on tourism in Toronto, mainly), we stopped operating an incorporated company in Ontario, but have continued to file annual tax returns. We have now decided to dissolve the company. However, at the time of stopping operations, we had several creditors and wrote to them all and said we will stop operations and the company is in no position to pay off debts. No one has contacted us since then (1994).

    At this point, 4 years later, are we obliged to get consent from all our creditors for the Articles of Dissolution, or at some point in time, if the creditors have never contacted us, can we assume that they have written off the debt?

    Is there any way to close this company cleanly, without having to contact our creditors for consent and potentially cause a lot of headaches? The company has been inactive and is owned by another incorparated shell in British Colombia. There are no assets in either company.

    Thanks,

    SC
    SimonCarr's Avatar
    SimonCarr Posts: 2, Reputation: 1
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    #2

    Jul 2, 2008, 08:02 PM
    I just read on this website that there is no Statue of Limitations on debt in Ontario. Can anyone confirm with regards to my earlier question?
    Thanks,
    SC
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