Derivative claims are powerful tools used to protect the well-being of a corporation. When corporate actions negatively impact those with interests in the corporation (including directors, officer, shareholders, creditors, and debtors), but corporate management is not willing to take action, the affected parties may have grounds to request to file a derivative claim.
If you are seeking to take such action, or have had such a claim filed against you, it is important to seek the advice of a trusted and highly experienced corporate lawyer before you proceed. At Milosevic Fiske LLP, we represent both parties who are seeking to make a derivative claim, and those against whom a derivative claim has been made.
We have developed a reputation for professionalism and integrity that benefits our clients. We are committed to the highest standards of ethics and professional courtesy towards the courts, our clients, opposing counsel, and all other relevant parties.
A derivative claim permits a shareholder or other complainant to advance an action on behalf of the corporation where the corporation itself does not want to bring that claim. It is intended to provide a means by which a shareholder can act to rectify a wrong suffered by the corporation where corporate management may have been involved.
A derivative claim can be filed against management, other shareholders, directors, officers, and others.
In order to bring a derivative action, the complainant (i.e. the person seeking to make the claim) must establish the existence of four pre-conditions:
Where there is a personal element to the wrongdoing, a complainant may also have ground to request an oppression remedy.
At Milosevic Fiske LLP in Toronto each one of our corporate lawyers are skilled litigators. We have become exceptionally adept at thinking on our feet and addressing the unexpected, particularly in a corporate law context. Over the years we have seen it all and have helped our clients protect their rights and defend the well-being of the corporation in which they have an interest. Call us at 416-916-1387 or contact us online for a consultation.
Phone: (416) 916-1387