Should the court order dissolution

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Reference no: EM131389695

All Steel Pipe and Tube is a closely held corporation engaged in the business of selling steel pipes and tubes. Leo and Scott Callier are its two equal shareholders. Scott is Leo's uncle. Leo is one of the company's two directors and is president of the corporation. Scott is the general manager. Scott's father and Leo's grandfather, Felix, is the other director.

Over the years, Scott and Leo have had differences of opinion about various aspects of the operation of the business. However, despite the deterioration of their relationship, the company has flourished. When negotiations aimed at the redemption of Scott's shares by Leo began, the parties could not reach an agreement. The discussion then turned to voluntary dissolution and liquidation of the corporation, but still no agreement could be reached.

Finally, Leo fired Scott and began to wind down All Steel's business and to form a new corporation, Callier Steel Pipe and Tube. Leo then brought an action seeking a dissolution and liquidation of All Steel. Should the court order dissolution? Explain.

Reference no: EM131389695

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