S-31.1 - Business Corporations Act

Section 354 Disposition versions

2011-02-14

354. When ruling on an application under this subdivision, the court may make any order concerning the liquidation of the corporation. It may, among other things,

(1)  suspend any judicial or administrative proceeding against the corporation, on the conditions the court considers appropriate;

(2)  prescribe any measure to identify and perform the obligations of the corporation or make provision for them;

(3)  give instructions to the liquidator;

(4)  approve the performance of any obligation of the corporation;

(5)  order that provision be made for the performance of any obligation of the corporation;

(6)  fix, on the conditions it determines, a time after which no person may, without the authorization of the court, make a claim against the corporation, the shareholders who received a share of the remaining property of the corporation or those who held unpaid shares at the time of the dissolution;

(7)  approve any measure that could exclude or limit the liability of shareholders receiving a share of the remaining property of the corporation or of those who held unpaid shares at the time of the dissolution;

(8)  specify each shareholder’s share of the remaining property of the corporation; and

(9)  approve the liquidator’s final account or the distribution proposal.

2009, c. 52, s. 354.