Case Summary Of Concrete Equities Inc. (Re)

What this means for the shareholders of a business facing insolvency

In Concrete Equities Inc. (Re), the Alberta Court of Queen's Bench determined that the receiver of a dissolved entity was not entitled to execute or deliver a proxy vote on behalf of the entity without a specific court order allowing the receiver to do so. This decision provides comfort to the shareholders of a business facing insolvency, as it underscores that they are not bound by a Court-appointed receiver's questionable decisions. Rather, there are legal mechanisms in place that allow shareholders to seek relief from the Court with respect to the administration of the dissolved entity, and the Court is willing to enforce them.