Axis Auto Finance has already gone out of business, but dissolving the company is going to take more time.

The Mississauga-based direct-to-consumer subprime lender will hold a meeting May 30 to ask shareholders to approve a special resolution to complete a going-private transaction, the next step toward dissolution.

In December, Axis closed on the sale of its auto finance business to Fionic Canada for $78 million, which it used to repay 100% of its outstanding senior indebtedness and to redeem the company’s outstanding unsecured debentures. Following the sale of substantially all of its assets, Axis was voluntarily delisted from the Toronto Stock Exchange

Axis said the company has no remaining active business and only a few remaining assets, with nominal value.

In November, the shareholders voted to dissolve the company, but Axis noted in a news release that is not yet possible, as there is currently “active litigation impacting the company and its subsidiaries,” leaving it subject to the expenses that are associated with being a reporting issuer.

To remove those reporting expense obligations, company president and board member Ilja Troitschanski proposed going private, enabling the company to apply to cease to be a reporting issuer.

At the upcoming meeting, shareholders will be asked to consider going private by way of consolidation of the common shares with Troitschanski as the sole remaining shareholder after consolidation. He would then proceed to wind down the company.

Because the company has no remaining value, holders of canceled fractional common shares would not receive compensation.