Is a contract voidable down to the day of the winding-up?

Ontario, Canada


The following excerpt is from McCraken v. McIntyre, 1876 CanLII 4 (ON CA):

And the case of Oakes v. Turquand, L.R. 2 H.L. 325, has a bearing in this view, that down to the day of the winding-up the contract is voidable on discovery of the fraud, at the option of the party defrauded; but, as decided in that case, that option not having been exercised so as to avoid the contract before winding-up, it then ceased to be capable of being avoided as against creditors.

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