Court awards damages in shareholder application following deathbed share transfer

The Superior Court of Justice has granted judgment for $367,000 against the majority shareholder of a company, for inducing his longtime partner and minority shareholder into transferring his shares for no money after he was diagnosed with a degenerative cognitive disease. The Court found that the respondent’s actions were oppressive, unconscionable, and deceitful. The case also involved an assessment of the unsettled procedural question of the Court’s jurisdiction to award damages on an application. Daniel Naymark and Terrence Liu acted for the applicant’s estate.

 The Court’s endorsement is available here.