{"id":1328,"date":"2015-04-23T16:28:29","date_gmt":"2015-04-23T20:28:29","guid":{"rendered":"https:\/\/www.spiegelsohmer.com\/2015\/04\/23\/corporate-wind-ups-recent-developments\/"},"modified":"2016-12-22T11:19:48","modified_gmt":"2016-12-22T16:19:48","slug":"corporate-wind-ups-recent-developments","status":"publish","type":"post","link":"https:\/\/spiegelryan.com\/en\/2015\/04\/23\/corporate-wind-ups-recent-developments\/","title":{"rendered":"Corporate Wind-Ups: Recent Developments"},"content":{"rendered":"<p style=\"text-align: justify;\">Six months have now passed since the October 17, 2014 deadline within which non-profits and charities incorporated federally under old <a href=\"http:\/\/www.canlii.org\/en\/ca\/laws\/stat\/sc-2009-c-23\/latest\/sc-2009-c-23.html\" target=\"_blank\">Part II of the <em>Canada Corporations Act<\/em><\/a> were supposed to file articles of continuance under the <a href=\"http:\/\/canlii.ca\/t\/8l9q\" target=\"_blank\"><em>Canada Not-for-profit Corporations Act<\/em><\/a> (the \u201c<em>CNCA<\/em>\u201d).&nbsp; Therefore, enough time has passed to allow some reflection on what was learned from the continuance process.<\/p>\n<p style=\"text-align: justify;\">In my view, one lesson from the process is that once assets enter the non-profit or charitable sector, they usually do not leave the sector (unless of course they are used in non-profit or charitable activities, or are replaced by other assets of similar or greater value).<\/p>\n<p style=\"text-align: justify;\">This lesson was highlighted for me when I was preparing corporate wind-up clauses for corporate articles of incorporation (and continuance) under the <em>CNCA<\/em>.<\/p>\n<p style=\"text-align: justify;\">More details on this can be found in my article, titled <a href=\"https:\/\/www.spiegelsohmer.com\/documents\/frajman\/cdn-n-f-p-news_corporate-wind-ups-recent-developments.pdf\" target=\"_blank\"><em>Corporate Wind-Ups: Recent Developments<\/em><\/a>, which first appeared in the <a href=\"http:\/\/www.carswell.com\/product-detail\/canadian-not-for-profit-news\/\" target=\"_blank\"><em>Canadian Not-For-Profit News<\/em><\/a> in April 2013, published by Carswell.<\/p>\n<p style=\"text-align: justify;\"><i><a href=\"mailto:dfrajman@spiegelsohmer.com\">Daniel Frajman<\/a>, TEP, a shareholder of Spiegel Sohmer, a Montreal law firm, negotiates and drafts contracts for business and real estate sales and purchase transactions, leases, debt and equity financings, shareholders\u2019 agreements, trusts, wills, and for non-taxable non-profit and charitable businesses.<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Six months have now passed since the October 17, 2014 deadline within which non-profits and charities incorporated federally under old Part II of the Canada Corporations Act were supposed to file articles of continuance under the Canada Not-for-profit Corporations Act (the \u201cCNCA\u201d).&nbsp; Therefore, enough time has passed to allow some reflection on what was learned [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4,7],"tags":[],"class_list":["post-1328","post","type-post","status-publish","format-standard","hentry","category-business-law","category-taxation-law"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.7 - 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