Top Story - Trustee Uses Oppression Remedy
Date:
January 1 2004
Access to the open ended remedies available in oppression actions will give trustees important new rights to attack illegitimate corporate activity without many of the restraints now imposed in reviewable transactions law. In PricewaterhouseCoopers Inc. v. Olympia & York Realty Corp., the Ontario Court of Appeal said that a trustee in bankruptcy was a proper person to make an application under the oppression remedy provisions of the Ontario Business Corporations Act (OBCA). This appears to be a reversal of the Court of Appeal’s earlier position in Canada (Attorney General) v. Standard Trust Co.
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