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.
Morning, How’s the temperature in the pot of water PWC is in? It’s been steadily increasing and must be near a boil at this point. Norm Macdonald and Artie Lange teamed up for 82 minutes of Dirty Work in 1998. It was absolutely hilarious and I can only wish had Norm not passed away PWC and Cassel’s would have hired them for this forum. Have a great rest of your day.
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