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ARTICLE · 14 NOVEMBER 2016

You Can't Escape From Escheats!

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On December 10, 2016 Ontario will repeal the compact and concise Escheats Act (the "Old EA") that has served the province for many years and will replace it with two much longer pieces of legislation.

CanadaCorporate/Commercial Law
Craig Garbe
Craig Garbe
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Ontario's New Corporate Forfeiture Regime and Corporate Record Keeping Requirements

What's Happening?

On December 10, 2016 Ontario will repeal the compact and concise Escheats Act1 (the "Old EA") that has served the province for many years and will replace it with two much longer pieces of legislation: the Escheats Act, 20152 (the "EA") and the Forfeited Corporate Property Act, 20153 (the "FCPA"). Why? (you may ask). In the words of Ontario's esteemed legislators, to improve "the management of corporate land forfeited to the province".4 Personally, I wasn't aware that the management of forfeited land needed improving, but then, I'm not in charge of managing it. Time will tell whether the new acts will cause the desired improvement in management, but what the acts already tell us is that there will be an additional administrative burden on Ontario corporations as well as new risks and hurdles to vault in creditor enforcement situations.

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