A group of minority shareholders of a corporation had invested hundreds of thousands of dollars into the purchase and renovation of a retirement home. The majority shareholder failed to account for the funds received from the minority shareholders and excluded them from information concerning the day-to-day operations of the retirement home.
We commenced a court application seeking injunctive relief requiring the majority shareholder to relinquish control of the corporation and its bank account and to account to the minority shareholders.
We were successful in obtaining injunctive relief, including the exclusion of the majority shareholder from the day-to-day operations of the company where that shareholder had not been acting in the best interests of the company and had failed to account for company funds. We successfully argued the oppression remedy in this case and were able to obtain a court order requiring the majority shareholder to account to the minority shareholders for all revenues and expenses. The majority shareholders were ordered to relinquish control of the operations of the retirement home as well as signing authority at the bank. We were also awarded costs.