Wishart法案對特許人(Franchisors)實施嚴格的披露義務,以保障潛在的特許經營者們(Franchisees)能夠作出明智有效的投資決定。如果披露文件(the disclosure document) 沒有披露所有重要事實,則被特許人有權撤銷的先前簽訂的特許經營合同。
下列幾種情況,可以視為特許人違反法定披露義務:
• 如果特許人未提供主要租約(the head Lease)的副本和分租房東(the sub-landlord)的真實身份;
• 如果特許人以零散的方式提供披露文件,而不是一次性完整提交披露文件;
• 如果披露文件中的財務報表未能列出未來盈利預測(Earning projections)的假設數值,以及提供可用於檢驗的此類信息的具體位置;
•如果特許人未能提供經過審計的財務報表,或者以審查業務為基礎編製的財務報表;並且
•沒有簽名的特許人證書(Franchisor』s Certificate)。
在最近的一起案件中,Giroux et al. v.1073355 Ont. Ltd.et al,2018年ONSC 143(CanLII),特許經營人於2014年購買了一特許經營生意,生意虧損近兩年。在滿二周年之際,它向特許人發出撤銷特許經營合同的通知。最後法院允許撤銷合同。法院認為,披露文件中的特許人提供的是未經審計的財務報表,並且未能具體說明用於編製資產負債表的會計準則,也未指出如何核實盈利預測。
以上僅供參考。讀者無權依賴它作為法律建議。 原文為英文,由黃雲峰律師撰寫。
The Wishart Act imposes rigorous disclosure obligations on franchisors to enable prospective franchisees to make informed investment decisions. A franchisee has a statutory right of rescission if the disclosure document does not disclose all material facts.
The following situations have been found to contravene the statutory disclosure obligations:
•If the franchisor does not provide a copy of the head lease and the identity of the sub-landlord;
•If the franchisor delivers disclosure documents in piecemeal fashion, instead of one document at one time;
•If the financial statements in the disclosure document fails to set out the assumptions for earning projections, and a location where information is available for inspection that substantiates the projection;
•If the franchisor fails to provide financial statements that are audited, or prepared on a review engagement basis; and
•There is no signed franchisor』s certificate.
In a recent court case, Giroux et al. v. 1073355 Ont. Ltd. et al, 2018 ONSC 143 (CanLII), the franchisee bought a franchise business in 2014, operated at a loss for slightly less than two years. Before reaching the 2nd anniversary, it delivered a notice of rescission to the franchisor. The court allowed rescission. The court found that the franchisor』s unaudited financial statements in the disclosure documents failed to specify the accounting standard used to compile the balance sheet, and failed to indicate how to verify earning projections.
The above is provided for general information purpose only. Readers are not entitled to rely on it as legal advice.
Rebecca Huang* and Associates Barristers
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Toronto, Ontario, Canada, M5H 2S8
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*(Rebecca Huang Professional Corporation) 提供法律服務
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