Find out more about the released report, the recommendations for consideration, and Bill 27, The Burden Reduction Act of 2016.
The Ministry of Government and Consumer Services has been in ongoing discussions with the Business Law Advisory Council with respect to recommendations for the reform of Ontario’s corporate and commercial legislation.
While the fall report made a number of recommendations for consideration, it also approved of various proposals that were already being considered by the MGCS. These were included in Bill 27, The Burden Reduction Act of 2016, currently in its second reading. Key points from Bill 27 include:
• The requirement that a corporation record the email addresses its security holders (in addition to their names and addresses);
• The repeal of the Bulk Sales Act and subsequent amendments to the PPSA Act in order to accommodate this action;
• An amendment to the PPSA Act that would allow debtors to waive the right to receive a copy of each PPSA registration, amendment and discharge.
We will keep you informed as to progress on this and other related bills.
Contact us to stay up to date>>