Item - 2019.EX7.19

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.

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. 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.