InvestorsHub Logo
Followers 38
Posts 1493
Boards Moderated 1
Alias Born 10/12/2019

Re: dalesio_98 post# 138159

Tuesday, 11/28/2023 12:20:43 AM

Tuesday, November 28, 2023 12:20:43 AM

Post# of 141882
HEY!! Just the PWC guy I was looking for!! So my associate actually contacted Corporations Canada and requested they dissolve Bioamber Sarnia and Canada for non compliance. The Senior Compliance Officer was unable to process the request even though it was noted "Neither corporation has filed recent Annual Returns, which would normally result in the dissolution of these corporations (Corporations Canada will administratively dissolve a federal corporation if it has not filed Annual Returns for two consecutive years). My associate pressed the issue a little further asking what they saw on their end that prevented the dissolution. The response: "If a corporation is currently in bankruptcy proceedings, then the administrative dissolution for non-compliance is essentially paused. The logic therein is that the corporation needs to remain active in order to carry out proceedings relating to the discharge of that bankruptcy, and these proceedings often require the corporation to have an “active” status. Once the bankruptcy proceedings are completed, then the corporation (or a creditor/trustee) would have to manually file articles of dissolution to dissolve the corporation. So, in short, until Corporations Canada has received those articles of dissolution, the corporation would remain “active” in our records, as the assumption is that bankruptcy proceedings are still ongoing. Only the Office of the Superintendent of Bankruptcy (OSB) has the authority to determine whether a bankruptcy has been discharged or not."

So the question must be asked: Since only the Office of the Superintendent of Bankruptcy (OSB) has the authority to determine whether a bankruptcy has been discharged or not; why has the OSB not given a discharge status and effective date as of 11-27-23?

IE

PS- if you want to comment on both corps having $0 value for assets when filing; i'd entertain those comments - as well as how $0 in assets relate to an ASSET PURCHASE AGREEMENT when there are $0 in assets claimed.



Join the InvestorsHub Community

Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.