Bankruptcy and Insolvency Sample Contracts
The Canadian Abridgment eDigests -- Bankruptcy and InsolvencyBankruptcy and Insolvency • November 29th, 2021
Plaintiff W Corp. entered into agreement to purchase plaintiff W Ltd. from defendant shareholders, which provided for gradual payment of purchase price and for shareholder B to continue running W Ltd.’s gold mine until certain amount was paid in cash or through gold production -- When dispute over costs and management of mine led to mine shutting down, defendants purported to appoint receiver over W Ltd. under agreement -- Plaintiffs brought action against defendants and receiver while defendants counter-claimed for balance of purchase price -- W Corp.’s application for injunction against defendants’ interference with mine operation was dismissed and defendants’ application for court appointment of receiver was granted, and plaintiffs were granted leave to appeal -- Plaintiffs applied for stay of receivership order pending appeal -- Application dismissed -- While appeal met requirement for arguable case and there could be prejudice to plaintiffs if assets were sold by receiver, possibi