WestlawNext Canada insight Blog

Digest Of The Week | Crystallex International Corporation (Re)

2018 ONCA 778;
Bankruptcy and insolvency --- Companies' Creditors Arrangement Act — Miscellaneous
Ad hoc committee of shareholders represented interests of shareholders who held almost 30 per cent of common shares of corporation — Corporation became subject of proceedings under Companies' Creditors Arrangement Act — Committee's claims with respect to alleged oppression of shareholders and breach of criminal interest rate provisions were stayed — Committee's motion for order lifting stay of proceedings and varying previous orders to extent necessary to permit claims to be commenced and continued was dismissed — Motion judge found Court did not have inherent jurisdiction to review or vary final orders in manner requested by committee — Motion judge found there were no allegations of fraud or new facts that would permit reopening and varying final orders under R. 59.06(2) of Rules of Civil Procedure — Motion judge found motion was attempt to re-litigate merits of final orders based on arguments that could have been advanced when final orders were sought and granted many years ago — Ad hoc committee brought application for leave to appeal — Application dismissed — Consideration of prima facie merits of proposed appeal did not favour committee — No basis to vary orders based on inherent jurisdiction or R. 59.06(2) of Rules.
© Copyright WestlawNext Canada, Thomson Reuters Canada Limited. All rights reserved.