Posted: December 30th, 2021
1. Wescan Accounting is a partnership which provides accounting services to a number of clients in addition to Island Properties. As a result of the relationship, one of the partners, Clemens, was invited to be a director of two of the corporations that were clients of Wescan. Clemens told his partners of his acceptance of the two directorships but did not tell them that as a director, he was entitled to certain stock options and shares under an employee stock plan. Sometime later, Wescan’s partnership was dissolved, and it was at this point in time that the remaining partners discovered that Clemens had received benefits under the stock plan. Clemens refused to give up the benefits he received to the partnership, and the remaining partners brought legal proceedings for an order requiring Clemens to pay over his benefits to the partnership.
Place an order in 3 easy steps. Takes less than 5 mins.