Keyword
Canada Business Corporations Act
Supreme Court ruling against electronics firm director raises concern of increasing exposure of individuals to oppression remedy claims
August 17, 2017 by Canadian UnderwriterA ruling last month by the Supreme Court of Canada means it will be more difficult for corporate directors to have oppression remedy lawsuits against them summarily dismissed by courts, a lawyer suggested Wednesday in a blog post. The decision…
Directors can be sued under oppression remedy even when they did not personally benefit from conduct: Supreme Court
July 18, 2017 by Canadian UnderwriterA recent Supreme Court of Canada ruling, upholding an oppression remedy award of more than $600,000 against corporate directors, provides “better-defined boundaries for personal liability of directors,” a litigation lawyer wrote Monday. In a ruling released July 13, Canada’s highest…
Federal bill aiming to ‘promote greater shareholder democracy’ tabled in Senate
June 23, 2017 by Canadian UnderwriterA bill proposing to give shareholders the option, under the Canada Business Corporations Act, to vote against corporate directors rather than merely withholding votes – and to abolish bearer shares – was tabled Wednesday in the Senate. Bill C-25 “makes…
Supreme Court of Canada to consider scope of corporate directors’ personal liability under oppression remedy claims
November 22, 2016 by Canadian UnderwriterCanada’s highest court will hear Tuesday arguments in favour of and against a two-part test – for imposing personal liability on a corporate director for “oppressive” corporate conduct – proposed by a director who was sued for nearly $4.7 million.…
‘Sloppy paperwork’ alone does not trigger oppression remedy: Supreme Court of Canada
November 21, 2016 by Canadian UnderwriterThe failure of a company to follow the Canada Business Corporations Act does not necessarily trigger an oppression remedy, the Supreme Court of Canada ruled in a divided decision released Friday. Section 241 of the Canada Business Corporations Act essentially…
Oppression remedy lawsuit against corporate directors reaches Supreme Court of Canada
April 10, 2016 by Canadian UnderwriterThe Supreme Court of Canada announced Thursday it will hear an appeal of a lawsuit in which two corporate directors were ordered to pay more than $600,000 to a former chief executive officer who brought an oppression remedy action under…