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Peoples Department Stores Inc. (Trustee Of) V. Wise
''Peoples Department Stores Inc (Trustee of) v Wise'', 2004 SCC 68 is a major Supreme Court of Canada decision on the scope of the fiduciary duty upon directors and officers of a corporation. When examining the duty of directors under section 122(1) of the ''Canada Business Corporations Act'' ("''CBCA''"), the Court held that there is a distinction between the interests of the corporation and those of the stakeholders and creditors. Background The Wise Stores Inc. was a retail store chain whose shares were primarily held by the three Wise brothers. In 1992, it acquired Peoples Department Store, a competitor. From 1994, the Wise brothers' business interests went through a difficult time. To reduce costs, they developed a scheme where certain inventory would be purchased through Peoples and then transferred to Wise on credit. Soon, Wise owed more than $18 million to Peoples. By 1995, both Wise and Peoples declared bankruptcy. The creditors for Peoples brought an action against the Wi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Canada Business Corporations Act
The ''Canada Business Corporations Act'' (CBCA; french: Loi canadienne sur les sociétés par actions) is an act of the Parliament of Canada regulating Canadian business corporations. Corporations in Canada may be incorporated federally, under the CBCA, or provincially under a similar provincial law. Background The act was legislated based on a report by a task force organized in 1967 to provide the first comprehensive review of federal corporate law since 1934. It received royal assent on 24 March 1975, and came into force on 15 December 1975. It provides the basic corporate governance framework for many small and medium-sized Canadian enterprises as well as many of the largest corporations operating in Canada. Nearly 235,000 companies are incorporated under the act, including over 700 distributing or publicly held corporations. CBCA corporations make up approximately 50 percent of Canada's largest publicly traded business corporations. As of June 25, 2019, the act was amende ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Supreme Court Of Canada
The Supreme Court of Canada (SCC; french: Cour suprême du Canada, CSC) is the Supreme court, highest court in the Court system of Canada, judicial system of Canada. It comprises List of Justices of the Supreme Court of Canada, nine justices, whose decisions are the ultimate application of Canadian law, and grants permission to between 40 and 75 litigants each year to appeal decisions rendered by provincial, territorial and federal Appeal, appellate courts. The Supreme Court is bijural, hearing cases from two major legal traditions (common law and Civil law (legal system), civil law) and bilingual, hearing cases in both Official bilingualism in Canada, official languages of Canada (English language, English and French language, French). The effects of any judicial decision on the common law, on the interpretation of statutes, or on any other application of law, can, in effect, be nullified by legislation, unless the particular decision of the court in question involves applicatio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fiduciary
A fiduciary is a person who holds a legal or ethical relationship of trust with one or more other parties (person or group of persons). Typically, a fiduciary prudently takes care of money or other assets for another person. One party, for example, a corporate trust company or the trust department of a bank, acts in a fiduciary capacity to another party, who, for example, has entrusted funds to the fiduciary for safekeeping or investment. Likewise, financial advisers, financial planners, and asset managers, including managers of pension plans, endowments, and other tax-exempt assets, are considered fiduciaries under applicable statutes and laws. In a fiduciary relationship, one person, in a position of vulnerability, justifiably vests confidence, good faith, reliance, and trust in another whose aid, advice, or protection is sought in some matter... In such a relation, good conscience requires the fiduciary to act at all times for the sole benefit and interest of the one who trust ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wise Stores
Wise Stores was a department store chain located in Eastern Canada. It was founded in 1930 in Montreal by Alex Wise and constituted on March 31, 1949, as Wise Stores inc. By October 1988, the company had 28 stores and acquired 15 Continental outlets in eastern Quebec, New Brunswick and Ontario to bring to 43 the total number of Wise locations. In 1992, the company acquired the even longer running and competitor Peoples department stores from British retailer Marks & Spencer. Under the terms of the purchase, the Wise and Peoples chains could not completely merge until the outstanding balance owed to Marks & Spencer for the transaction had completely been paid in full. Because of this restriction, Peoples was instead operated as a subsidiary of Wise. Wise was basically a discount department retailer with store dimensions averaging those of Hart, Greenberg and Peoples; in contrast to the larger-sized Zellers, Woolco and Kmart. Wise launched in June 1993 the chain Wizmart, a who ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Quebec Superior Court
The Superior Court of Quebec (french: Cour supérieure du Québec) is a superior trial court in the Province of Quebec, in Canada. It consists of 157 judges who are appointed by the federal government. Appeals from this court are taken to the Quebec Court of Appeal. Jurisdiction The Superior Court of Quebec is the court of original general jurisdiction, which hears all cases not expressly assigned to another court or administrative body. It possesses both criminal and civil jurisdiction. It also hears certain appeals in criminal and penal matters. Moreover, it also possesses exclusive jurisdiction to hear and determine class actions and applications for injunctive relief. Furthermore, the Superior Court is vested exclusive jurisdiction of judicial review over all lower courts in Quebec, over legal persons established in the public interest or for a private interest, and over partnerships and associations and other groups not endowed with juridical personality. All criminal m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Quebec Court Of Appeal
The Court of Appeal of Quebec (sometimes referred to as Quebec Court of Appeal or QCA) (in French: ''la Cour d'appel du Québec'') is the highest judicial court in Quebec, Canada. It hears cases in Quebec City and Montreal. History The Court was created on May 30, 1849, as the Court of Queen's Bench (''Cour du Banc de la Reine'' in French) – or Court of King's Bench (''Cour du Banc du Roi'' in French) depending on the gender of the current Monarch serving as Canada's head of state. The Court's judges had jurisdiction to try criminal cases until 1920, when it was transferred to the Superior Court. In 1974, it was officially renamed the Quebec Court of Appeal. Jurisdiction Under the Code of Civil Procedure of Quebec and the Criminal Code, someone wishing to appeal a decision of the either the Superior Court of Quebec or the Court of Quebec generally has 30 days to file an appeal with the Court of Appeal. Final judgments in civil cases are appellable as of right if the am ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Business Judgment Rule
The business judgment rule is a case law-derived doctrine in corporations law that courts defer to the business judgment of corporate executives. It is rooted in the principle that the "directors of a corporation... are clothed with hepresumption, which the law accords to them, of being otivatedin their conduct by a bona fide regard for the interests of the corporation whose affairs the stockholders have committed to their charge".''Gimbel v. Signal Cos.'', 316 A.2d 599, 608 (Del. Ch. 1974) The rule exists in some form in most common law countries, including the United States, Canada, England and Wales, and Australia. To challenge the actions of a corporation's board of directors, a plaintiff assumes "the burden of providing evidence that directors, in reaching their challenged decision, breached any one of the triads of their fiduciary duty — good faith, loyalty, or due care". Failing to do so, a plaintiff "is not entitled to any remedy unless the transaction constitutes wa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
List Of Supreme Court Of Canada Cases (McLachlin Court)
This is a chronological list of notable cases decided by the Supreme Court of Canada from the appointment of Beverley McLachlin as Chief Justice of Canada to her retirement in 2017. 2000–2004 2005–2009 2010–2017 See also * List of notable Canadian Courts of Appeals cases A select number of decisions from the Courts of Appeal have proven to be the leading case law in a number of fields and have subsequently been adopted across all provinces, or else they are famous decisions in their own right. Most frequently the ... {{Supreme Court of Canada (2000-present) ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Supreme Court Of Canada Cases
The Supreme Court of Canada is the court of last resort and final appeal in Canada. Cases that are successfully appealed to the Court are generally of national importance. Once a case is decided the Court will publish written reasons for the decision that consist of one or more reasons from any number of the nine justices. Understanding the background of the cases, their reasons and the authorship can be important and insightful as each judge may have varying beliefs in legal theory and understanding. List of cases by Court era * List of Supreme Court of Canada cases (Richards Court through Fauteux Court): This list includes cases from the formation of the Court on April 8, 1875, through to the retirement of Gérald Fauteux on December 23, 1973. * List of Supreme Court of Canada cases (Laskin Court): This list includes cases from the rise of Bora Laskin through to his death on March 26, 1984. * List of Supreme Court of Canada cases (Dickson Court): This list includes cases from t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Canadian Corporate Case Law
Canadians (french: Canadiens) are people identified with the country of Canada. This connection may be residential, legal, historical or cultural. For most Canadians, many (or all) of these connections exist and are collectively the source of their being ''Canadian''. Canada is a multilingual and multicultural society home to people of groups of many different ethnic, religious, and national origins, with the majority of the population made up of Old World immigrants and their descendants. Following the initial period of French and then the much larger British colonization, different waves (or peaks) of immigration and settlement of non-indigenous peoples took place over the course of nearly two centuries and continue today. Elements of Indigenous, French, British, and more recent immigrant customs, languages, and religions have combined to form the culture of Canada, and thus a Canadian identity. Canada has also been strongly influenced by its linguistic, geographic, and e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
