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Jul 13, 2017

Supreme Court of Canada decision: Imposition of Personal Liability


The Supreme Court of Canada released the following decision:

Wilson v. Alharayeri , 2017 SCC 39, File no. 36689

(Commercial law Corporations Oppression — Remedy — Criteria governing imposition of personal liability on corporate directors — Corporation’s board refusing conversion of preferred shares held by former director before issuing private placement of convertible secured notes, thereby diluting former director’s portfolio — Discussions resulting in refusal being led at board level by director who subsequently had his preferred shares converted so as to benefit from private placement by increasing his control over corporation — Whether trial judge appropriately exercised statutory remedial powers by holding corporate directors personally liable for oppression — Whether pleadings sufficient to ground imposition of personal liability — Canada Business Corporations Act, R.S.C. 1985, c. C‑44, s. 241(3).)
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