X. Wind Up
Termination Of Brokerage’s Licence
When the licence of a brokerage is terminated or surrendered, the brokerage must cease to carry on business. The procedures to “wind up” the brokerage with the Council must be completed. The brokerage must surrender to the Council the brokerage’s licences and the licences of all related licensees that are held by the brokerage. The brokerage must also promptly submit a Brokerage Winding Up Report on the form prescribed by the Council.
The obligations of a brokerage when winding up the business are set out in section 8-11 of the Rules. The Council may request financial information in addition to the information contained in the Brokerage Winding Up Report.
The brokerage must arrange for the records that must be retained to be kept by another brokerage, an accountant, lawyer, or notary public, or a person acceptable to the Council.
A managing broker, director, officer, partner or sole proprietor of the brokerage may assume the responsibility for the winding up of a brokerage and provide the certification required by the Council.
Failure to submit the Brokerage Winding Up Report could delay the licence transfer of any managing broker or director/officer of the brokerage.