May et al. v. Circumpacific Energy Corp. et al., 2004 YKCA 1
Judge | Rowles, Donald and Low, JJ.A. |
Court | Court of Appeal (Yukon Territory) |
Case Date | October 28, 2003 |
Jurisdiction | Yukon |
Citations | 2004 YKCA 1;(2004), 191 B.C.A.C. 300 (YukCA) |
May v. Circumpacific Energy (2004), 191 B.C.A.C. 300 (YukCA);
314 W.A.C. 300
MLB headnote and full text
Temp. Cite: [2004] B.C.A.C. TBEd. JA.051
William May, Peter Weichler, Bert Peters, Robert Schiesser, Dan McCarthur and David Smiddy (respondents/petitioners) v. Circumpacific Energy Corporation (appellant/respondent) and Philip Francis Kelso, Charles E. Ross, Malcolm Fraser, Michael Silver and Graham Charles Reveleigh (respondents)
(YU00505; 2004 YKCA 1)
Indexed As: May et al. v. Circumpacific Energy Corp. et al.
Yukon Court of Appeal
Rowles, Donald and Low, JJ.A.
January 9, 2004.
Summary:
The petitioners held approximately two percent of the corporate respondent's stock. The petitioners brought oppression proceedings under s. 243 of the Business Corporations Act. They sought relief, including the right to commence a derivative action. The petitioners sought the appointment of a monitor and injunctive relief.
The Yukon Supreme Court declined to grant the injunctive relief on the ground that the petitioners did not prove irreparable harm would result without such an order. The court did appoint a monitor as interim relief under s. 243(3) of the Act. The corporation appealed.
The Yukon Court of Appeal allowed the appeal and set aside the appointment of the monitor, without prejudice to future applications for interim relief.
Company Law - Topic 2170.1
Shareholders - Shareholders' rights - Oppressive acts - Remedies - Appointment of monitor - The Yukon Court of Appeal held that the appointment of a monitor could not be made in oppression proceedings under s. 243 of the Business Corporations Act unless a finding of oppression was already made or, where an interim order was sought, a strong prima facie case of oppression was shown - The court must examine the evidence and find whether there was a prima facie case of oppressive conduct - The court could not order an investigation merely to assist in determining whether such a finding should be made - See paragraphs 26 to 51.
Company Law - Topic 7105
Fundamental changes and shareholders' rights - Appointment of receiver-manager or monitor - Circumstances when court will order appointment - [See Company Law - Topic 2170.1 ].
Company Law - Topic 9796.1
Actions against corporations and directors -Action for oppressive conduct - Interim relief - [See Company Law - Topic 2170.1 ].
Company Law - Topic 9798
Actions against corporations and directors -Action for oppressive conduct - Appointment of auditor, inspector or receiver - Appointment of monitor - [See Company Law - Topic 2170.1 ]
Cases Noticed:
Ward v. Kostiew (1989), 42 B.C.L.R.(2d) 121 (C.A.), refd to. [para. 6].
Greka Energy Corp. v. Northsun Energy Ltd. (2001), 21 B.L.R.(3d) 10; 2001 YKSC 527, refd to. [para. 32].
Osborne v. Bucci et al. (1998), 75 O.T.C. 232 (Gen. Div.), consd. [para. 33].
Sileika v. Solcom Group Inc., [1993] O.J. No. 300 (Gen. Div.), consd. [para. 33].
Little et al. v. TGI-VMS Visual Based Performance Systems Inc. et al., [2000] O.T.C. Uned. D04 (Sup. Ct.), consd. [para. 33].
HSBC Capital Canada Inc. v. First Mortgage Alberta Fund (V) Inc. et al., [1999] 11 W.W.R. 281; 247 A.R. 37; 1999 ABQB 406, consd. [para. 33].
Ferguson v. Imax Systems Corp. et al. (1984), 4 O.A.C. 188; 47 O.R.(2d) 225 (Div. Ct.), agreed with [para. 50].
Statutes Noticed:
Business Corporations Act, R.S.Y. 2002, c. 20, sect. 243(2) [para. 9].
Authors and Works Noticed:
Bennett, Frank, Receiverships (2nd Ed. 1999), pp. 8, 9 [para. 31].
Counsel:
W.G. Hopkins, for the appellant;
B.G. Nemetz, Q.C., for the respondent.
This appeal was heard before Rowles, Donald and Low, JJ.A., of the Yukon Court of Appeal, at Vancouver, British Columbia, on October 28, 2003. The decision of the court was delivered on January 9, 2004, by Rowles, J.A.
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