Does the bright line test apply to the existence and the expiration of the partnership interests?
Ontario, Canada
The following excerpt is from Simkeslak Investments Limited v. Kolter Yonge LP Limited, 2011 ONSC 7134 (CanLII):
Whether fiduciary duties arise is fact and relationship specific. Therefore, applying a bright line test to their existence and their expiration is, in my view, inappropriate. I do not interpret the court’s decision in Aronowicz v. Emtwo to be limited to the execution of a formal shotgun buy/sell provision. In my view the court’s reasoning also applies to the purchase and sale of partnership interests such as in this case.
"The most advanced legal research software ever built."
The above passage should not be considered legal advice. Reliable answers to complex legal questions require comprehensive research memos. To learn more visit www.alexi.com.
Other Questions
Does the term "goodwill" in the terms of a share and interest clause in a commercial partnership apply to the value of a partner's interest and goodwill in the business? (Ontario, Canada)
Does a change in the rate of interest applied for prejudgment interest on a judgment made against a commercial landlord? (Ontario, Canada)
Is a partner in a general partnership required to disclose information to all partners prior to the sale of partnership interests? (Ontario, Canada)
Can joint ventures and partnerships co-exist? (Ontario, Canada)
Does a purchaser for value at a sheriff's sale who registers prior to registration of a prior unregistered beneficial interest have priority over the beneficial interest? (Ontario, Canada)
What is the appropriate rate of interest for prejudgment and postjudgment interest in a personal injury case? (Ontario, Canada)
Does a condominium corporation have an interest in common common interest with other condominium residents? (Ontario, Canada)
Is postjudgment interest payable upon a judgment which awards prejudgment interest? (Ontario, Canada)
What is the case law on half interest in a property where a plaintiff is not entitled to one half interest? (Ontario, Canada)
Does the mootness principle apply to interveners in a matter of public interest? (Ontario, Canada)
