The applicants, minority co-owners of two commercial properties, sought relief from alleged oppressive conduct, breach of trust, and breach of fiduciary duty by the majority co-owners and property managers following a cash call.
The court found that the respondents' failure to provide timely and meaningful access to financial records unfairly disregarded and prejudiced the applicants' interests under section 248 of the Business Corporations Act.
However, the court dismissed claims regarding management fees, financing, and conflicts of interest, and found no breach of trust or fiduciary duty.
The court ordered specific terms for future financial disclosure and governance but declined to order a forced buy-out of the applicants' interests.
Costs for the disclosure motion were awarded to the applicants on a substantial indemnity basis.