The applicant sought remedies under the Business Corporations Act after discovering the respondent co-director had forged his signature on pandemic relief loans and deposited fraudulent cheques, leaving the corporation in debt.
The respondent admitted to the forgeries.
The court granted judgment for the $35,000 the applicant paid to cover the overdraft, awarded $25,000 in punitive damages, set aside the forged loan agreements and personal guarantees, and awarded substantial indemnity costs.
