What is the standard of disclosure required of a Director when applying for an initial public offering (IPO) on a without notice basis?
British Columbia, Canada
The following excerpt is from Director of Civil Forfeiture v PacNet Services Ltd., 2018 BCSC 387 (CanLII):
Justice Davies discussed the Director’s standard of disclosure when applying for an IPO on a without-notice basis in Director of Civil Forfeiture v. Angel Acres Recreational and Festival Property Ltd., 2009 BCSC 322 at para. 26, aff’d 2010 BCCA 539 (“Angel Acres #2”). Davies J. stated:
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