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Leave to appeal denied; motion judge's discretionary order continuing existing property management and distribution arrangements upheld.
The applicants sought leave to appeal an order that continued existing banking and management arrangements for joint venture properties, rather than ordering a court-appointed sales officer to distribute sales proceeds directly to the ultimate owners.
The Divisional Court dismissed the motion for leave to appeal, finding no reason to doubt the correctness of the motion judge's highly discretionary decision and concluding the proposed appeal did not involve a matter of general importance.
Appeal dismissed as appellants were not deemed directors entitled to dispute the bankruptcy petition.
The appellants appealed a decision finding they had no right to dispute a bankruptcy petition because they were not deemed directors under s. 115(4) of the Ontario Business Corporations Act.
The Court of Appeal dismissed the appeal, finding that even if s. 115(4) conferred powers as well as responsibilities, the appellants did not manage or supervise the affairs of the corporation, which had already been wound up.
The appellants' possession of corporate records and intention to commence a derivative action did not amount to managing the corporation.
