It is well established in corporate law that directors of a corporation - who have been given broad powers to oversee and direct the business of the corporation - owe a fiduciary duty to the corporation they serve, and must discharge such duty by acting in the company's best interests. If a director breaches his or her fiduciary duty, and the corporation wishes to commence a legal proceeding against the culpable director, when will the limitation period start to run for that action?
The answer to this question is not straightforward, in spite of Ontario's basic two-year limitation period. This issue is discussed in my recent paper, "A Corporation's Action Against Its Former Directors: When Is It Statute-Barred," (2009), Volume XIV, No. 4, Corporate Liability 878-883.
Feel free to contact me if you would like to receive a copy of this paper.
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