Can a company be a party to a winding-up proceeding?
Saskatchewan, Canada
The following excerpt is from Lloyd v. Canada Permanent Trust Co., 1965 CanLII 374 (SK QB):
Here we have a situation in which the personal representatives of all of the shareholders of the company agree that it should be wound up and the assets distributed. The present issues between them are: Whether the sums improperly withdrawn by these gentlemen should be set off against the respective distributive shares of their estates, and whether there should be interest and how much. These problems are not matters of internal management because there has ceased to be any internal management. Thus the rule in Foss v. Harbottle (1843) 2 Hare 461, 67 ER 189, does not apply. There is nothing in these proceedings which would require the company to be a party.
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