Ottawa Divorce .com Forums


User CP

New posts

Advertising

  Ottawa Divorce .com Forums > Main Category > Financial Issues

Financial Issues This forum is for discussing any of the financial issues involved in your divorce.

Reply
 
Thread Tools
  #11  
Old 10-19-2014, 08:33 PM
mcdreamy's Avatar
mcdreamy mcdreamy is offline
Moderator
 
Join Date: Jul 2011
Posts: 1,446
mcdreamy is on a distinguished road
Default

Yes, you most certainly may incorporate a new holdco to carry on your future consulting and shelf the existing. You should speak to your accountant first - this is an accounting issue.

Does your existing holdco hold any real assets? Why does your ex not agree to sign off - where are you in equalization discussions?
Reply With Quote
  #12  
Old 10-19-2014, 08:54 PM
childrenand happy childrenand happy is offline
Member
 
Join Date: Sep 2014
Location: Alberta
Posts: 69
childrenand happy is on a distinguished road
Default

We are still working on eqaulization. Assets there is a bit but nothing that is going to make a huge difference. Why she dose'nt want to sign off the reason she told me is her lawyer told her not yet.


Also Another question What is JDR?
Reply With Quote
  #13  
Old 10-19-2014, 09:00 PM
blinkandimgone's Avatar
blinkandimgone blinkandimgone is offline
Moderator
 
Join Date: Feb 2010
Location: Lucknow
Posts: 5,561
blinkandimgone is a jewel in the roughblinkandimgone is a jewel in the roughblinkandimgone is a jewel in the rough
Default

Overview of Canadian Family Justice

Judicial Dispute Resolution (Alberta)
Reply With Quote
  #14  
Old 10-19-2014, 09:14 PM
childrenand happy childrenand happy is offline
Member
 
Join Date: Sep 2014
Location: Alberta
Posts: 69
childrenand happy is on a distinguished road
Default

So during a JDR your lawyers are present or not present. I Kind of like this Idea I believe it would save a lot of time/moola
Reply With Quote
  #15  
Old 10-19-2014, 09:22 PM
blinkandimgone's Avatar
blinkandimgone blinkandimgone is offline
Moderator
 
Join Date: Feb 2010
Location: Lucknow
Posts: 5,561
blinkandimgone is a jewel in the roughblinkandimgone is a jewel in the roughblinkandimgone is a jewel in the rough
Default

http://www.fieldlaw.com/articles/lit...resolution.pdf

That should help
Reply With Quote
  #16  
Old 10-19-2014, 11:12 PM
arabian's Avatar
arabian arabian is offline
Senior Member
 
Join Date: Jan 2011
Location: Western Canada
Posts: 10,697
arabian will become famous soon enough
Default

In Alberta (Edmonton anyhow) the lawyers are present with a judge. You both present your brief 30 days before the JDR. JDR is conducted (in Edmonton) in a conference room in the Law Courts Building. BINDING JDR means that you both accept the judge's decision. You have to both agree to this before you enter into the JDR. Any other type of JDR (IMO) is a waste of time and just like those things in Ontario where you basically test your case with a senior lawyer. Silly and IMO the only people who benefit from that farce are the lawyers.

Nice thing about JDR is that is is quick and it is not published and you don't go through the witness thing. It's a one-shot deal. Usually takes a day or less instead of a lengthy trial. I highly recommend this. My ex and I did this (30 yrs marriage). When it comes down to everything it's really just about the money anyhow.

Last edited by arabian; 10-19-2014 at 11:15 PM.
Reply With Quote
  #17  
Old 10-20-2014, 10:21 AM
HammerDad HammerDad is offline
Senior Member
 
Join Date: May 2010
Location: Hamilton
Posts: 3,973
HammerDad will become famous soon enough
Default

Quote:
Originally Posted by arabian View Post
If you set up a new company are you not then in direct competition with the incorporated company? Remember, a limited company is it's own legal entity. You are merely a shareholder a/o director. You might very well have articles of incorporation filed wherein it states a director cannot be in direct competition (commonly referred to as a "personal services contract").
Articles of incorporation do not make these statements. If anywhere, it would be in an employment agreement between him and his company. In common law a director has a fiduciary duty to the company to act in the best interests of the company, but there is virtually nothing that will prevent a director from carrying on a similar business in another company.

I don't work in a law firm in Alberta and therefore anything I say is mostly based off of my experience in another province, if your ex is a shareholder, she will have to sign the resolution authorizing the dissolution or she will have to consent to the dissolution at a meeting of the shareholders. If you have 60% of the issued shares, you don't have enough of the shares to unilaterally dissolve the corporation if she won't consent:

Quote:
(ii) special resolution means a resolution passed by a majority
of not less than 2/3 of the votes cast by the shareholders who
voted in respect of that resolution or signed by all the
shareholders entitled to vote on that resolution;
Quote:
(3) A corporation may liquidate and dissolve by special resolution
of the shareholders or, if the corporation has issued more than one
class of shares, by special resolution of the holders of each class
whether or not they are otherwise entitled to vote.
http://www.google.ca/url?sa=t&rct=j&...TInvKieGZ0-hnQ

In Ontario you also have to distribute all of the assets to the shareholders (after paying off any liabilities) and file a tax return stating that there are no assets or liabilities so you can get the consent from the Ministry of Finance to dissolve.

If you were in Ontario, and your ex is a director and/or officer, you could remove her as you have enough votes to do so. She would have the right to be heard at the meeting removing her, but that won't help her as you could simply out vote her. Once she is removed as a director, you could remove her as an officer.

But dissolving the company likely won't be possible unless she consents. Should you try, and possibly succeed, to dissolve the company without her knowledge or consent, you would likely be bent over pretty hard by a judge for acting illegally & unreasonably and your credibility would be shot.
Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Advice for sister fireweb13 General Chat 28 11-02-2011 09:29 PM
Is it possible to find out someone's car insurance information? formyGirls Divorce & Family Law 8 09-03-2011 11:45 AM
SS Again ONdad Common Law Issues 15 07-07-2010 04:54 PM
need an advice before I will start divorce procedure Maby Financial Issues 1 05-26-2009 11:26 PM
Limited Company Anita Financial Issues 4 03-23-2006 11:55 AM


All times are GMT -4. The time now is 08:13 AM.