[1] Ontario Business Corporation Act, R.S.O. 1990, c. B.16 [OBCA].
[2] OBCA, note 1, s.1(1), definition of “offering corporation”.
[3] OBCA, note 1, s.154(1).
[4] OBCA, note 1, ss. 148, 149(1).
[5] OBCA, note 1, ss. 154(1)(b), 156; Securities Act (Ontario), R.S.O. 1990, c. S.5 [OSA]
[6] OBCA, note 1, s.158(1).
[7] OBCA, note 1, s. 149(1).
[8] OBCA, note 1, s. 111.
[9] OBCA, note 1, s. 112.
[10] OBCA, note 1, s. 115(2).
[11] OBCA, note 1, Part XV.
[12] OBCA, note 1, s. 115(1).
[13] OBCA, note 1, s. 134(1).
[14] BCE Inc. v. 1976 Debentureholders, 2008 SCC 69, [2008] 3 S.C.R. 560.
[15] OBCA, note 1, s. 134(2).
[16] OBCA, note 1, s. 134(3).
[17] OBCA, note 1, s. 136.
[18] OBCA, note 1, s.136(4.3).
[19] OBCA, note 1, s. 119(4).
[20] OBCA, note 1, s. 116(2).
[21] OBCA, note 1, s. 149(1).
[22] OBCA, note 1, s. 154(1).
[23] OBCA, note 1, s. 168(1).
[24] OBCA, note 1, s. 92(1); the common law allows courts to “pierce the corporate veil” in order to access shareholders’ personal assets in very limited cases that are outside the scope of this Report.
[25] Canada Business Corporations Act R.S. 1985, c.C-44. [CBCA]
[26] Law Commission of Ontario, “Joint and Several Liability Consultation Paper – April 2010” Available online: <http://www.lco-cdo.org/en/joint-several-liability-consultation-paper>.
[27] Negligence Act, R.S.O. 1990, c. N.1.
[28] The Ontario Trial Lawyers Association [OTLA] Submission at 2 (on file with the LCO).
[29] William Sasso of Sutts, Strosberg LLP Submission at 1-2 (on file with the LCO); British Columbia Investment Management Corporation [bcIMC] Submission at 2-3 (on file with the LCO); The Advocates’ Society Submission at 6-7 (on file with the LCO).
[30] bcIMC Submission, note 29 at 2.
[31] David Debenham, “One Percent at Fault, One Hundred Percent Liable to Pay: A Look at Accountants” Solidary Liability in Canada” 8:3 (2010) Commercial Law Review 1.
[32] Solicitors Act, R.S.O. 1990, c. S.15.
[33] Solicitors Act, note 32, s. 22.
[34] CBCA, note 25, s. 237.3(1).
[35] CBCA, note 25, s. 237.1, definition of “financial loss”.
[36] CBCA, note 25, s. 237.4(1).
[37] CBCA, note 25, s. 237.3(4).
[38] CBCA, note 25, ss. 237.2(2), 237.5(1)(b); Canada Business Corporations Act Regulations, 2001 (SOR/2001-512), s. 95.
[39] CBCA, note 25, s. 237.6(1).
[40] OTLA Submission, note 28 at 9-10.
[41] OTLA Submission, note 28 at 10.
[42] bcIMC Submission, note 29, at 1.
[43] OSA, note 5, s. 130(8).
[44] OSA, note 5, s. 138.3.
[45] OSA, note 5, s. 138.5.
[46] OSA, note 5, s. 138.1, definition of “liability limit”.
[47] OSA, note 5, s. 138.1.
[48] OSA, note 5, s. 138.6(2).
[49] The Advocates’ Society Submission, note 29 at 9.
[50] The Advocates’ Society Submission, note 29 at 9.
[51] The Advocates’ Society Submission, note 29 at 10.
[52] Siskinds LLP Submission at 3 (on file with the LCO).
[53] Siskinds LLP Submission, note 52.
[54] Alberta Law Reform Commission, Contributory Negligence and Concurrent Wrongdoers, 1979.
[55] Uniform Law Conference of Canada, Consolidation of Uniform Acts, 1985.
[56] British Columbia Law Reform Commission, Report on Shared Liability, 1988.
[57] Ontario Law Reform Commission, Report on Contribution Among Wrongdoers, 1988.
[58] Ontario Ministry of Financial Institutions, Final Report of the Ontario Task Force on Insurance, 1986.
[59] Law Reform Commission of Saskatchewan, The In Solidum Doctrine and Contributory Negligence, 1998.
[60] Standing Senate Committee on Banking, Trade and Commerce, Joint and Several Liability and Professional Defendants, 1998.
[61] Law Reform Commission of Saskatchewan, note 59.
[62] Pub. L. No. 104-67, 109 Stat. (1995) [PSLRA]. The Act became law on December 22, 1995 when Congress overrode the then-President’s veto.
[63] PSLRA, § 78u–4(f)(2)(A).
[64] PSLRA, § 78u–4(f)(4)(A)(i).
[65] PSLRA, § 78u–4(f)(4)(A)(ii).
[66] PSLRA, § 78u–4(f)(5).
[67] Standing Senate Committee, note 60 at 18.
[68] Standing Senate Committee, note 60 at 18.
[69] U.K. Department of Trade and Industry, Professional Liability: Report of the Study Teams.
[70] Companies Act 2006, c.46, ss. 534-538.
[71] Companies Act 2006, note 70, s. 507.
[72] Companies Act 2006, note 70, s. 493.
[73] Companies Act 2006, note 70, s. 503.
[74] Companies Act 2006, note 70. s. 519(3).
[75] Institute of Chartered Accountants of Ontario [ICAO] Submission at 13 (on file with the LCO).
[76] Richard Snyder Submission (on file with the LCO).
[77] ICAO Submission, note 75; The Institute of Chartered Accountants of Ontario, “The Legal Environment: Frequently Asked Questions” online: <http://www.casforchange.ca/LE/index.aspx#faq7> [The Legal Environment].
[78] See, e.g., the submission of defence counsel The Advocates Society, note 29 at 17.
[79] Richard Hardingham Submission (on file with the LCO).
[80] ICAO Submission, note 75.
[81] Institute of Chartered Accountants of Ontario Submission to the Federal Competition Policy Review Panel, “Appendix A: An Issue for Bay Street and Main Street”, online: <http://www.icao.on.ca/Public/LiabilityReform/CompPolicy/1009page8343.pdf>.
[82] Institute of Chartered Accountants of Ontario Submission to the Federal Competition Policy Review Panel, “Appendix G: How Big is the Problem?”, online: <http://www.icao.on.ca/Public/LiabilityReform/CompPolicy/1009page8349.pdf>.
[83] ICAO Submission, note 82
[84] ICAO Submission, note 82
[85] ICAO Submission, note 82
[86] ICAO, “The Legal Environment”, note 77.
[87] ICAO Submission, note 75 at 14.
[88] J. Rob Collins, Blake, Cassels & Graydon LLP Submission, on behalf of the ICAO and large accounting firms (on file with the LCO).
[89] Richard Hardingham Submission, note 79.
[90] ICAO Submission, note 75 at 22-23.
[91] ICAO, note 81.
[92] Ontario Society of Professional Engineers [OSPE] Submission (on file with the LCO).
[93] The Institute of Chartered Accountants of Ontario, “Ontario Needs a Legal Liability Framework that Contributes to Prosperity” The Globe and Mail (25 March 2008), online: <http://www.casforchange.ca/LE/documents/Page3.pdf>.
[94] ICAO Submission. note 75 at 11-12.
[95] ICAO Submission, note 75 at 12.
[96] The Association of Municipalities of Ontario [AMO] Submission at 1, 3 (on file with the LCO).
[97] ICAO Submission, note 75 at 14.
[98] Standing Senate Committee on Banking, Trade and Commerce. Joint and Several Liability and Professional Defendants: Options Discussion Paper (October 1997) at 36.
[99] ICAO Submission, note 75 at 34.
[100] ICAO Submission, note 75 at 15.
[101] Sasso Submission, note 29 at 3.
[102] bcIMC Submission, note 29 at 2.
[103] Hercules Managements Ltd. v. Ernst & Young, [1997] 2 S.C.R. 165 [“Hercules”].
[104] OTLA Submission, note 28 at 20-21.
[105] Ontario Bar Association [OBA] Submission at 6 (on file with the LCO); Accountability Research Corporation Submission at 2 (on file with the LCO).
[106] See generally, bcIMC Submission, note 29.
[107] OTLA Submission, note 28 at 13-14.
[108] OSPE Submission, note 92.
[109] OTLA Submission, note 28 at 17; Knutsen Submission at 3 (on file with the LCO).
[110] OTLA Submission, note 28 at 11-12.
[111] Siskinds LLP Submission , note 52, at 2.
[112] ICAO Submission, note 82.
[113] OBA Submission, note 105 at 7.
[114] OBA Submission, note 105 at 7.
[115] OTLA Submission, note 28 at 11, quoting Debenham.
[116] Richard Hardingham Submission, note 79; See generally, ICAO Submission, note 75; for counterpoints, see OTLA Submission, note 28 at 16 and Knutsen Submission, note 109.
[117] OBA Submission, note 105 at 7.
[118] OTLA Submission, note 28 at 17.
[119] See generally, OTLA Submission, note 28.
[120] Standing Senate Committee on Banking, Trade and Commerce, note 98 at 36.
[121] Wayne Gray Submission at 3 (on file with the LCO).
[122] Lawrence A. Cunningham, “Securitizing Audit Failure” 49 William & Mary Law Review 3 (2007) 14.
[123] Cunningham, note 122 at 20; also see Collins Submission, note 88 at 1-2.
[124] Cunningham, note 122 at 25.
[125] Cunningham, note 122 at 27.
[126] See generally, Cunningham, note 122.
[127] Cunningham, note 122 at 34.
[128] Cunningham, note 122 at 35.
[129] Cunningham, note 122 at 38.
[130] Hercules, note 103.
[131] Kamloops (City of) v. Nielsen, [1984] 2 S.C.R. 2 [“Kamloops”].
[132] Hercules, note 103 at para. 20.
[133] Hercules, note 103, at paras. 33-35.
[134] OBA Submission, note 105 at 6; Hercules, note 103 at para. 37.
[135] Hercules, note 103 at para. 32.
[136] Hercules, note 103, at para. 36.
[137] For a more detailed analysis of this area, see, e.g., Snell v. Farrell, [1990] 2 S.C.R. 311; Athey v. Leonati, [1996] 3 S.C.R. 458; Resurfice Corp. v. Hanke, [2007] 1 S.C.R. 333.
[138] Final Report of the Ontario Task Force on Insurance (1986) at 12.
[139] Final Report, note 138.
[140] See generally, OTLA Submission, note 28.
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