Canada Business Corporations Act
Marginal note:Costs of liquidation
Marginal note:Final accounts
(2) Within one year after appointment, and after paying or making adequate provision for all claims against the corporation, the liquidator shall apply to the court
Marginal note:Shareholder application
(3) If a liquidator fails to make the application required by subsection (2), a shareholder of the corporation may apply to the court for an order for the liquidator to show cause why a final accounting and distribution should not be made.
(4) A liquidator shall give notice of their intention to make an application under subsection (2) to the Director, to each inspector appointed under section 217, to each shareholder and to any person who provided a security or fidelity bond for the liquidation, and shall publish the notice in a newspaper published or distributed in the place where the corporation has its registered office, or as otherwise directed by the court.
Marginal note:Final order
(5) If the court approves the final accounts rendered by a liquidator, the court shall make an order
Marginal note:Delivery of order
(6) The liquidator shall forthwith send a certified copy of the order referred to in subsection (5) to the Director.
Marginal note:Certificate of dissolution
(7) On receipt of the order referred to in subsection (5), the Director shall issue a certificate of dissolution in accordance with section 262.
Marginal note:Effect of certificate
(8) The corporation ceases to exist on the date shown in the certificate of dissolution.
- R.S., 1985, c. C-44, s. 223;
- 2001, c. 14, ss. 111(E), 135(E).
- Date modified: