Liquidation, Dissolution and Revival (ABCA)

Summary

This practice note addresses liquidation, dissolution and revival of corporations under the Alberta Business Corporations Act, R.S.A. 2000, c. B-9 ("ABCA"). In particular, it discusses the difference between liquidation and dissolution; voluntary dissolution under s. 211 of the ABCA; voluntary liquidation and dissolution; court-ordered liquidation; the duties, liability and powers of liquidators; shareholders' right to distribution in money; dissolution by the Registrar; and dissolution by court order. In addition, this practice note discusses actions after voluntary or court ordered dissolution, including how to manage unknown claimants and property not disposed of. Lastly, it describes the rules and procedures for reviving a dissolved corporation.