Following the declaration of a provincial state of emergency by the BC government during the Covid-19 pandemic, the BC Registrar of Companies refrained from dissolving corporations that were not in good standing (ex: due to a failure to file annual reports for two years).
The Registrar has advised that it will be resuming its dissolution process on April 5, 2022. The Registrar has also advised that dissolution notices will be distributed in batches; not all outstanding dissolutions will occur at once.
To avoid dissolution, a company must file any overdue annual reports.
Companies should be aware that they also have an option to dissolve voluntarily on the date selected by a director of the company. This process is typically preferable to dissolution for failure to file annual returns because a company can control the dissolution date. As a reminder, until the date of dissolution, a company must continue to file tax returns.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
