When a limited partner sells property to the limited partnership, is the limited partner itself a purchaser of that property, or is the only purchaser the general partner on behalf of the limited partnership? That is the question which the British Columbia Court of Appeal recently addressed in Edenvale Restoration Specialists Ltd. v. British Columbia (Finance), 2013 BCCA 85.
The Edenvale appeal concerned a sale of personal property by Edenvale to an Ontario limited partnership (“EWLP”) that also carried on business in British Columbia. The signatories to the sale agreement were Edenvale and the general partner of EWLP … Continue Reading
The Ontario Court of Appeal has released an important new judgment concerning the enforceability of restrictive covenants: Martin v. ConCreate USL Limited Partnership, 2013 ONCA 72. The decision provides guidance about when a restrictive covenant will be unenforceable owing to its duration and the scope of its prohibited activities, and suggests that a different test for unenforceability will apply where the existence of the covenant is linked to the covenantor’s interest in a limited partnership as opposed to a corporation.
The facts in Martin were as follows. The plaintiff/appellant Martin acquired minority interests in the two defendant/respondent companies … Continue Reading