In Canada and the provinces shareholders have access to a remedy that protects them from oppressive, prejudicial, or otherwise unfair conduct by the corporation and its directors. This remedy has been codified in the Canada Business Corporations Act, 1985 (“CBCA”) and its provincial counterparts such as the Ontario Business Corporations Act, 1990.
An oppression remedy is a significant and very powerful tool that allows the court’s wide remedies in the resolution of business disputes. For instance, the court is given wide latitude according to section 241(3) of the CBCA to “make any interim or final order it sees fit.” As such, some of the actions the court can take include: an order to restrain the conduct, an order to replace all, some, or add directors to the corporation, an order to exchange or issue securities, an order setting aside a transaction, an order of compensation, and an order liquidating or dissolving the corporation amongst many others.
How can Zeilikman Law help?
Zeilikman Law is a litigation firm and dispute resolution is our passion. We represent individuals and small and mid-size businesses that are involved in complex commercial and business disputes and are in need of help. Our practice is dedicated to legal representation in a broad range of business and commercial problems. Call us any time at 905-417-2227 or contact us by submitting an online request.