Directors beware: Alberta Court of King’s Bench imposes personal liability for improper insider payments

Kyle Kashuba, Bilal Qureshi and Campbell Pickard of Torys explain that the Alberta Court of King’s Bench voided more than $1 million in insider payments made by Wolverine Energy and Infrastructure while insolvent, inferred intent from classic badges of fraud, pierced the corporate veil on an agency basis, and imposed personal liability on a former executive under the BIA, the Fraudulent Preferences Act and the Statute of Elizabeth.

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