Author: Michelle Bailey
When a closely held corporation is run by a couple who are ending their personal relationship, the corporation, as a ‘legal person’ becomes a third individual that must be accounted for in settlement proceedings. This paper looks at defining roles within corporate governance, including the rights and responsibilities of shareholders, directors, and officers. It also reviews equitable remedies, focusing on oppression remedies and piercing the corporate veil to provide practical relief for parties whose wealth is caught up in corporate structures.
This paper was presented at LESA’s Business Issues in Family Law webinar series on November 2, 2021 and November 9, 2021.