Reframing Governance Duties in Financial Distress

Toni Vanderlaan of Deloitte explains that once solvency is doubtful, directors risk oppression claims and personal liability if they ignore creditor interests—making reckless spending unacceptable, transparent records and stakeholder engagement essential, and early recourse to the CCAA or BIA a key tool to preserve value and shield boards from hindsight challenges.

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