Endnotes2017-03-03T18:33:22+00:00

[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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