Winding up a Corporation
WINDING UP A CORPORATION
When a corporation is no longer active it should be wound up under section 237 of the Business Corporations Act. If you do not you have the obligation of preparing the Financial Statement and conducting the Annual Meetings of the company which is an unnecessary expense.
To apply for winding up, the corporation should be conducting no further financial transactions and should not have any liability to any other party. There is a filing fee and forms to be completed to apply for the dissolution of the charter of the corporation. The lawyer will complete the form for dissolution and apply to the Corporate Branch for the dissolution of the corporation.
Consent of the Ministry of Finance
Your accountant will assist you to complete the final statement of the corporation. Using this statement you can obtain from The Ministry of Finance a letter to consent to dissolve the corporation.
The fees for dissolution will depend on the time needed to prepare the application, help obtain the letter of dissolution from the Ministry unless your accountant has obtained it. There is a filing fee and cost for the attendance of the agent at the offices of the Ministry.