Redemption of shares and consideration
Discounted valuation
Restoration
Finality of foreign judgments

Redemption of shares and consideration

In McGoey (Re), 2019 ONSC 80, Justice Penny of the Ontario Superior Court of Justice found trusts over two properties held by a bankrupt were void as shams. In his decision, Justice Penny noted that had he not found the trusts to be sham trusts, he would still have set them aside as fraudulent conveyances, making us ask: “what is the difference between a sham trust and a fraudulent conveyance?”

The Ontario Superior Court of Justice recently reviewed the indicia of a sham trust in McGoey (Re).

Gerald McGoey, an undischarged bankrupt, and his wife, Kathryn McGoey, claimed to be holding two properties in trust for their children. The Trustee in Bankruptcy brought a motion to have the properties declared assets of the Estate of Gerald McGoey, subject to realization for the benefit of his creditors.

In Water Matrix Inc. v Carnevale, Justice Sanfilippo found that a consent judgment may survive bankruptcy if it arises from a claim that is based in fraud. This allowed a company that was defrauded by a former employee to continue to enforce the company’s judgment after bankruptcy.

Background

There were six substantive civil decisions released by the Court of Appeal this week. There were many criminal decisions released.

In Wall v. Shaw, the Court determined that there is no limitation period to objecting to accounts in an application to pass accounts in an estates matter. A notice of objection is not a “proceeding” within the meaning of the Limitations Act, 2002.

APPLICATIONS FOR LEAVE TO APPEAL DISMISSED

37997 St. James No.1 Inc. v. Ed Vanderwindt, Chief Building Official and City of Hamilton (Ont.)

Municipal law – Heritage properties – Demolition or removal of structure

Good evening.

Below are the summaries of this week’s civil decisions of the Court of Appeal for Ontario.

While Canada’s legal system will be familiar to many foreign investors and companies, the Canadian legal system and laws have a number of unique aspects that might surprise you. Understanding these unique aspects of Canadian law is critical to your business success in Canada. Gowling WLG understands the challenges of establishing and conducting business in this country. With offices in major cities across Canada, we provide effective counsel and insightful business solutions that help our clients access the full potential of the Canadian marketplace.

The Ontario Court of Appeal in Meridian Credit Union Limited v Baig¹ made it clear that misinforming a receiver during the purchase of a property, even by omission, will not be tolerated. Purchasers in the context of a receivership have an obligation to ensure that the receiver is aware of all of the facts. The court also took the opportunity to remind corporate directors that they will be held personally responsible for their tortious conduct, even if that conduct was directed in a bona fide manner to the best interests of the company.

On February 1, 2016, the Superior Court of Québec delivered its judgment in the important Kitco Metals Inc. case ¹.