ARTICLE · 31 DECEMBER 2015

Directors & Officers Liability Expands Again

Siskinds LLP

CanadaEnvironment

In July 2013, we reported that the Ministry of Economic Development, Employment and Infrastructure was proposing to recover costs incurred by the Crown from former directors and officers of forfeited property of dissolved corporations. Now it is enshrined in law, under Ontario's recently passed Bill 144, Budget Measures Act, 2015 (Schedule 7).

On December 10, 2015, the Forfeited Corporate Property Act, 2015 received Royal Assent, with the majority of the Act coming into force on December 10, 2016. The Act will also amend 18 other Acts.

Sections 30 and 31 of the new Act set out the authorization for the Minister to determine the amounts due to the Crown, and how the Crown may recover them.

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Directors & Officers Liability Expands Again

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