Overview

A corporation may be dissolved voluntarily or involuntarily.  

Voluntary dissolution

A corporation may be voluntarily dissolved when it files Articles of Dissolution with supporting documents to a Director appointed under the:

Involuntary dissolution

A corporation may be involuntarily dissolved when an order is made by either the Director appointed under the:

Learn more about involuntary corporate dissolution.

A dissolved corporation no longer legally exists. When an Ontario corporation is dissolved but still owns things (assets), those assets become property of Ontario.

Forfeited corporate property

When a corporation dissolves, its interests in real property become the property of Ontario. These properties are called forfeited corporate properties and examples include:

  • houses
  • factories
  • land
  • mortgages

The Ministry of Government and Consumer Services handles forfeited corporate property.

Property owned by a dissolved Ontario corporation that is not forfeited corporate property

Property owned by a dissolved Ontario corporation that is not-forfeited corporate property includes personal property that is not located in, on or under forfeited land, such as:

  • cash
  • shares

The Office of the Public Guardian and Trustee handles certain types of this property.

Recover property that was owned by a dissolved Ontario corporation

Certain people connected to dissolved corporations can apply to the Ministry of Government and Consumer Services for relief from forfeiture to recover forfeited corporate property. People who may apply include:

  • officers of the dissolved corporation
  • shareholders
  • co-owners
  • spouse of a sole shareholder

If the property is not forfeited corporate property, officers or shareholders of the dissolved corporation may be able to apply to the Office of the Public Guardian and Trustee for relief from forfeiture. For more information, you can contact the OPGT charities program.

Transferring funds owed to shareholders or creditors of an Ontario corporation prior to voluntary dissolution

If you are the director on an Ontario corporation that will be voluntarily dissolved and have funds owed to shareholders or creditors you cannot locate, you may be able to transfer these funds to the OPGT to hold in trust for the missing shareholders or creditors.
For more information, you can contact the OPGT charities program. 

Transferring funds of a dissolved corporation

If you are holding funds of a dissolved Ontario corporation that have forfeited to Ontario, you may be able to transfer these funds to the OPGT, on behalf of the Crown.
For more information, you can contact the OPGT charities program.