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ARTICLE · 19 JULY 2013

Look(s) Bad For Former Directors

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In a recent decision, the Ontario Court of Appeal affirmed a lower court ruling that "advancement" by the corporation to Look's former directors, for advance funding of the directors' legal costs to defend against an action brought by the corporation, is subject to Court approval.

CanadaCorporate/Commercial Law
Bennett Jones LLP
Bennett Jones LLP
Gary Solway
Gary Solway
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In its decision in Cytrynbaum v. Look Communications Inc. released July 4, 2013, the Ontario Court of Appeal affirmed a lower court ruling that "advancement" by the corporation to Look's former directors, for advance funding of the directors' legal costs to defend against an action brought by the corporation, is subject to Court approval. The former directors had been sued by Look (at the behest of successor directors), and had sought advancement of consequent expenses under their indemnity agreements with Look. Look declined to advance the expenses, and the former directors sued for an order compelling payment. On the facts as found, the trial Court refused to order advancement, and the Court of Appeal upheld that decision.

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