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The document provides a detailed guide on the process of voluntarily dissolving a limited company in British Columbia under the Business Corporations Act. It outlines four main steps: completing an affidavit, filing any outstanding annual reports, submitting a dissolution request electronically, and receiving confirmation of dissolution. Additionally, it includes information on fees, contact details for assistance, and relevant sections of the Business Corporations Act.

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Can you sue a dissolved company BC?

Note: A legal proceeding may be continued or brought against a company within two years after its dissolution as if the company had not been dissolved. See section 346(1)(b) of the Act in Appendix A. The Act provides for two ways in which a dissolved company can be restored for a limited period: 1.

What are the consequences of involuntary dissolution?

Consequences of involuntary dissolution Unresolved business entities can be a major roadblock if youre seeking bank loans or contracts. Taxes in many states often continue to accrue even after a business shuts down operations.

What is the involuntary liquidation of a company?

Involuntary Liquidations are where a company is forced into liquidation. This most commonly happens as a result of a creditor applying to court to appoint a liquidator, called a Court Liquidation.

What is an involuntary dissolution of a BC company?

Involuntary dissolution is a legal process where a company is forced to dissolve due to non-compliance with regulatory requirements. As a result, the company can face fines and penalties and may have difficulty obtaining financing or maintaining a lawsuit until the issue is resolved.

How do I dissolve a BC company?

Thank you for your request on how to dissolve a company under section 316 (see attached Appendix A) of the Business Corporations Act. STEP 1: COMPLETE AN AFFIDAVIT. STEP 2: FILE ANY OUTSTANDING ANNUAL. STEP 3: FILE A DISSOLUTION REQUEST. STEP 4: RECEIVE CONFIRMATION.

How to dissolve a corporation in Canada?

Dissolution of a federal corporation Your federal corporation can only be dissolved once it no longer has property or liabilities. After you have liquidated your corporations assets and discharged its other liabilities, you need to fill out and submit the Articles of Dissolution to Corporations Canada.

What is the cheapest way to dissolve a company?

One of the cheapest ways to close down a company is by voluntary dissolution. This involves a small administrative fee and can be carried out using form DS01. Strict eligibility rules surround voluntary dissolution, however, and the main requirement is that your business is solvent.

What are the three types of dissolution?

Types of LLC Dissolution Dissolutions fall into three categories: judicial, administrative, and voluntary.

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