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CORPORATIONS - Oppression remedy - Standing - Complainant - Grounds - Conduct that unfairly disregards the interest of any security holder, creditor, director or officer

Tuesday, January 30, 2018 @ 9:07 AM  

Appeal by the defendants from trial judgment granting the respondent a remedy for oppression. Ernst & Young Inc. (Ernst & Young) was the court-appointed Monitor during the restructuring proceedings of the respondent, Essar Steel Algoma Inc. (Algoma), under the Companies’ Creditors Arrangement Act (CCAA). The supervising CCAA judge authorized the Monitor to commence an action for oppression against Algoma’s parent, Essar Global Fund Limited (Essar Global), and the remaining appellants, namely other companies owned directly or indirectly by Essar Global (Essar Group). The action arose in...