Speaker's Corner: Changes Mean Burdens For Business?

On Dec. 10, 2015, the Ontario legislature passed the Budget Measures Act, 2015, which enacted a number of new statutes, including the Forfeited Corporate Property Act, 2015.

The Act also amended various existing pieces of legislation, such as the provincial Business Corporations Act, the Corporations Act and the Not-for-Profit Corporations Act.

The overarching purpose of these legislative changes is to improve the management of real property owned by Ontario corporations that is forfeited to the Ontario Crown.

The forfeiture of real property to the Crown may be the result from various circumstances, including where a corporation is dissolved or struck from the record and the real property held by the corporation is not properly dealt with prior to dissolution.