Is a director of a company entitled to sue or defend against being sued?
Newfoundland and Labrador, Canada
The following excerpt is from Maple Leaf Foods Inc. v. Markland Seafoods Ltd., 2007 NLCA 7 (CanLII):
I agree that the power to sue or defend against being sued is reserved to the receiver. The respondents had entered into an agreement which had very specific terms which would be invoked once a receiver was appointed. The result is that if the security document reserves the powers to the receiver, then the directors may not exercise those powers: FBDB v. Shearwater Marine ...
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