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The court dismissed the defendants' motion for indemnification and granted a boomerang summary judgment to the third parties, finding no personal guarantees existed.
This decision addresses a motion for summary judgment brought by three defendants seeking indemnification from Luc Corbeil and the Corbeil Family Trust in relation to a loan and indemnity agreement.
The court found that the moving parties did not provide the personal guarantees required to trigger the indemnity, and that the Corbeil Family Trust was not a party to the relevant agreements.
Summary judgment was granted in favour of the responding parties.
The court granted an oppression remedy against a majority shareholder who withheld sale proceeds, denied access to accounting records, and surreptitiously removed trust funds.
The applicants, minority shareholders of Xtreme Trampoline Park Inc. and XTP Holdings Inc., brought an oppression remedy application against the majority shareholder, Sixin Wei, alleging he denied them access to financial records, withheld proceeds from a property sale, and surreptitiously obtained funds held in trust.
The court found Mr. Wei's conduct oppressive, unfairly prejudicial, and unfairly disregarded the applicants' reasonable expectations regarding financial transparency and distribution of sale proceeds.
The court ordered Mr. Wei to provide full access to accounting records, a detailed accounting of funds, and to preserve a significant portion of the disputed funds in an interest-bearing account pending further agreement or court order.
