Is refusing to post security sufficient to impecuniosity?

Ontario, Canada


The following excerpt is from Bayerische Landesbank v Seiber, 2016 ONSC 3982 (CanLII):

The courts have been clear that a shareholder refusing to post security (or deciding not to) is not a proper basis to argue impecuniosity: Canasia Sales Corp v. Colson, 2013 ONSC 1505 (CanLII). In Trec Total Broadway v Jegel, 2004 CarswellOnt 833, at par 11, the court specifically held that, “The plaintiff is not impecunious, as it can look to its shareholders to raise the money to pay costs.”

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