Can a court wind up a corporation if satisfied that it is just and equitable?
Ontario, Canada
The following excerpt is from Manitou Gold Inc. v. Kenwest Mines Limited, 2009 CanLII 69797 (ON SC):
A court may wind up a corporation if satisfied that it is “just and equitable” to do so: s. 207 (1)(b)(iv). This statutory language is to be given a broad interpretation. See generally Gold v. Rose, [2001] O.J. No. 12 at paras. 15, 16 and 18(S.C.J.). Section 207(2) provides that the court may make an order under s. 207 or such order under s. 248 “as it thinks fit.” Section 248(3) in turn gives broad discretion to the court to make an interim or final order as “it thinks fit” so as to achieve a fair and equitable result.
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