4 Main Steps to Process the Liquidation of a Company in Ontario

Businesses may choose to liquidate themselves for any number of reasons. During this process, there are many legal steps that must be fulfilled. Representatives of the business will go through the proper channels to finalize the liquidation of a company, and the business can also make the most of this time to utilize the services of auctioneers to help maximize their property and asset returns.  

 

In general, here are the four main steps for the liquidation of a company:

 

Submit All Necessary Documents

Ontario requires businesses to submit at least one Article(s) of Dissolution. Voluntary business dissolution with shareholder authorization will need to use Form 10. Other types of liquidation will require other types of forms, so make sure you do your research. There is a fee associated with submission, though it is generally a low fee of around $25.

 

Receive Consent from the Minister of Finance

Your documents must come with a cover letter with a contact name, return address, and the company or personal phone number in addition to the fee upon submission. Furthermore, companies must secure their document submission with the consent of the Minister of Finance in Ontario. This step is separate and involves contacting the Minister of Finance's local government office in Ontario.

 

Find a Property Executor

Once you've finished submitting all requirements, you can find an executor that will oversee the entire liquidation procedure. Company owners need to work with the executor, but they cannot advise them on their actions. Executors have the power to replace business directors during the liquidation process.

 

Use an Excellent Auctioneer

Property executors are often in contact with excellent auctioneers, such as Infinity Asset Solutions. They will want to ensure they get the maximum return value possible that gives resolution to all shareholders, creditors, and other parties involved.

 

An excellent and experienced auctioneer will always deliver the results needed upon the liquidation of a company’s assets. Working with us at Infinity Asset Solutions guarantees high returns for the sales of your assets. Contact us today to learn more about what we can do for you!