Legal Blog

Audited Statements

Lagana v. 2324965 Ontario Inc. 2022 Ont SCJ

A non-director shareholder requested the court to order that the other shareholder, who was the only director, deliver up audited financial statements from 2013. The judge agreed. The Business Corporations Act (s. 149-154) mandates that a corporation engage an auditor and deliver up audited statements unless the shareholders consent otherwise in writing. A judge has no discretion but to grant the order. The Limitations Act does not apply because the shareholder made no claim; he just wanted the enforcement of his statutory entitlement under the BCA.

Written by Jonathan Speigel, the founding partner of Speigel Nichols Fox LLP, leads the litigation and construction practices.