Canada Business Corporations Act (R.S.C., 1985, c. C-44)

Marginal note:Further grounds

• 214 (1) A court may order the liquidation and dissolution of a corporation or any of its affiliated corporations on the application of a shareholder,

  • (a) if the court is satisfied that in respect of a corporation or any of its affiliates

    • (i) any act or omission of the corporation or any of its affiliates effects a result,

    • (ii) the business or affairs of the corporation or any of its affiliates are or have been carried on or conducted in a manner, or

    • (iii) the powers of the directors of the corporation or any of its affiliates are or have been exercised in a manner

    that is oppressive or unfairly prejudicial to or that unfairly disregards the interests of any security holder, creditor, director or officer; or

  • (b) if the court is satisfied that

    • (i) a unanimous shareholder agreement entitles a complaining shareholder to demand dissolution of the corporation after the occurrence of a specified event and that event has occurred, or

    • (ii) it is just and equitable that the corporation should be liquidated and dissolved.

• Marginal note:Alternative order

  (2) On an application under this section, a court may make such order under this section or section 241 as it thinks fit.

• Marginal note:Application of s. 242

  (3) Section 242 applies to an application under this section.