The filed record
Invest Toronto - Final Wind Up and Dissolution
The Public Gallery wrote no story on this item. What follows is the city’s own record of what happened to it, as filed: nothing on this page is summarised or scored by us.
The decision
2019-07-16 · Toronto City Council · adopted
As filed
City Council on July 16, 17 and 18, 2019, adopted the following: 1. City Council, as shareholder, receive for information the report (June 21, 2019) from the Controller as the final report on the wind up of Invest Toronto Inc. from the appointed liquidator.
On the agenda
As the city filed it
City Council directed staff to wind up Invest Toronto Inc. (Invest Toronto) on July 4, 2017. As a result of the creation of Toronto Global to promote foreign direct investment in Toronto and surrounding region, Invest Toronto was no longer required as a City corporation. The corporation wind up process includes: completing pre-approved transactions, addressing residual employee obligations, settling liabilities, closing accounts, and completing independent financial audits of activity in 2018 and 2019.
Show the rest of As the city filed it, 865 more characters as filed
As part of the process, residual assets in the amount of $4,242 were transferred to the City as shareholder. The City will retain Invest Toronto corporate records for seven years following the corporation's last fiscal year of activity in accordance with applicable legislation. In addition, City staff are registering Invest Toronto's former website address, slogan and logo to secure their use. As of June 12, 2019, Invest Toronto's assets and liabilities have been settled, as reflected in the audited financial statements (Statements) as at December 31, 2018 and June 12, 2019 attached to this report. The receipt of this report represents the last step for Council as shareholder in the corporation wind up process. The receipt of this report is required to formally complete the process to dissolve the corporation under the Ontario Business Corporations Act.
Staff recommended
The Controller recommends that: 1. City Council, as shareholder, receive for information this report and Attachment 1 - Audited Financial Statements for Invest Toronto Incorporated for the Year Ended December 31, 2018, and Period Ended June 12, 2019 as the final report on the wind up of Invest Toronto Inc. from the appointed liquidator.
Considered
2019-07-04 · Executive Committee · adopted
Decision as filed
The Executive Committee recommends that: 1. City Council, as shareholder, receive for information the report (June 21, 2019) from the Controller as the final report on the wind up of Invest Toronto Inc. from the appointed liquidator.
2019-07-16 · Toronto City Council · adopted
On the record
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