Application by shareholder for Court order for liquidation and dissolution
141(1)On application of a shareholder, the Court may order the liquidation and dissolution of a corporation or any of its affiliated corporations,
(a)
if the Court is satisfied that, in respect of a corporation or any of its affiliates,
(i)
any act or omission of the corporation or any of its affiliates effects a result that is oppressive or unfairly prejudicial to the corporation or any of its affiliates or unfairly disregards the interests of any security holder, creditor, director or officer, or
(ii)
the business or affairs of the corporation or any of its affiliates, or the powers of the directors, are or have been carried on or conducted in a manner that is oppressive or unfairly prejudicial to or unfairly disregards the interests of any security holder, creditor, director or officer, or
(b)
if the Court is satisfied that
(i)
a unanimous shareholder agreement entitles a complaining shareholder to demand dissolution of the corporation after the occurrence of a specified event and that event has occurred, or
(ii)
it is just and equitable that the corporation should be liquidated and dissolved.
141(2)In an application under this section, the Court may make such order under this section or section 166 as it thinks fit.
141(3)Section 167 applies to an application under this section.
1991, c.27, s.5; 2023, c.2, s.106