In what circumstances will a court order a purchase of the shares of a company in which there are no directors or shareholders?
Ontario, Canada
The following excerpt is from Hanemaayer v. Freure, 1999 CanLII 14942 (ON SC):
In Miller v. McNally, though the circumstances were different from the case at bar, the feelings and problems expressed by the shareholders were much the same. In the circumstances, Madam Justice Greer directed that the respondents were to have a period of eight months to effect a purchase of the shares of the applicant after a proper valuation of the shares. An order was directed to wind up the corporation only in the event that the respondents did not purchase the applicant’s shares.
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