Canada Articles of Arrangement
Articles of arrangement are used where a business corporation has applied to a court for the approval of an arrangement in the absence of adequate legal provisions or if existing provisions are impracticable or too onerous in the circumstances.
A corporation may, among other things, obtain an arrangement concerning:
the amendment of its articles to add, change or remove any provision that the Business Corporation Act permits to be set out in the articles;
its amalgamation with another corporation or another legal person to form a corporation;
the division of its activities;
the transfer of its property where, further to the disposition, the corporation is unable to retain a significant part of its activities;
the exchange of securities, participations or debt obligations of the corporation for money, securities, participations, debt obligations or other property of the corporation or of another legal person;
its dissolution or liquidation;
the modification of its activities or affairs if such modification were to affect the rights of the holder of an option or a right to acquire its securities or participations;
the limitation on the right of its creditors or a group of creditors to demand full and prompt performance of its obligations;
the expulsion of one of its shareholders.
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