Aaron Emes on directors and officers exercising their fiduciary duty

In an interview with Canadian Lawyer, partner and head of Opinions and Research Aaron Emes discussed the Supreme Court of the United Kingdom’s decision in BTI 2014 LLC v. Sequana and its impact on Canadian law.

Canadian Lawyer reported that “the majority in BTI held that the creditor duty arises when directors know or ought to know that the company is insolvent or bordering on insolvency or that an insolvent liquidation is probable.”

Aaron affirmed that the UK ruling in BTI conflicts with Canadian law and will not have much bearing on it.

“The SCC has been clear that directors owe their fiduciary duty to the company—even when the company is close to insolvency,” he said.

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