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Corporations, Partnerships & Associations Law - Corporations - Directors and officers - Indemnification of directors and officers - Right to indemnity - Limitations

Thursday, September 08, 2016 @ 8:00 PM  

Appeal by Ayers and Adams from an indemnification order pursuant to s. 119(4) of the Business Corporations Act. Adams’ company, Eagle Eye Investments (Eagle Eye), commenced a debt action against CPC Networks (CPC) to obtain repayment of a loan. CPC counterclaimed and added the appellants as third parties, alleging a breach of fiduciary duties in their capacity as officers and directors of CPC. The debt action resulted in a judgment awarding Eagle Eye the full amount claimed. The third party claim was dismissed. The appellants accordingly...