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Obligation to provide
information to a surety
- The Company voluntarily assigned its assets to its
creditors. The Bank was only able to collect $6,000 of the
$1,342,794.83 owing to it. It sought $400,000 plus
interest under the 2 guarantees.
- Beaulieu claimed that the Bank had failed in its obligation
to provide him with information (2345 CCQ) as to its
assessment of the financial situation of the Company and
had not properly explained his obligation to inject more
capital.
- He initially counter-claimed for the $694,649.23 that he
alleged he had personally invested in the Company (he
subsequently reduced that claim to $121,850).
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