Kim v. 0852069 B.C. Ltd.
Jin Yeol Kim
Law Firm / Organization
Not Specified
Lawyer(s)

P.W. Hansen

0852069 B.C. Ltd.
Law Firm / Organization
Hunter Litigation Chambers
Lawyer(s)

Paul S. Jon

Kyu Ha Kim
Law Firm / Organization
MacKenzie Fujisawa LLP
Lawyer(s)

Ian Knapp

In Sook Lee
Law Firm / Organization
MacKenzie Fujisawa LLP
Lawyer(s)

Ian Knapp

Background:
The parties were shareholders in 0852069 B.C. Ltd., which owned the Chalet Continental Motel. Jin Yeol Kim claimed that Kyu Ha Kim and In Sook Lee had loaned him money to buy the property and agreed to transfer their shares to him upon repayment. Kim asserted that an oral agreement existed, making the defendants' shares a form of security. The defendants denied this and considered themselves rightful shareholders.

Legal Arguments and Issues:
Jin Yeol Kim sought:

  • Directions for the orderly conduct of the company.
  • An order setting aside the directors' resolution declaring a $450,000 dividend. The defendants countered by seeking:
  • Release of $661,823 held in trust to the company without restrictions.
  • Special costs.

Court Decision:
The court dismissed Jin Yeol Kim's application, denying his requests to preserve the trust funds or interfere with business decisions. The court also granted the release of the $661,823 trust funds to 0852069 B.C. Ltd.

Costs:
The court awarded costs in favor of the defendants, 0852069 B.C. Ltd., and Kyu Ha Kim and In Sook Lee, with each defendant entitled to costs "in the cause" (to be determined based on the outcome of the trial).

Supreme Court of British Columbia
S250468
Corporate & commercial law
Defendant