CCAA views shareholders as responsible for managements actions BEFOREHAND leading up to insolvency and entering CCAA. Shareholders do have control through their voting power. However, holders tend to not know how much control they actually have, and are apathetic to their rights. Once the company enters CCAA, shareholders lose their control and have no say in the rearrangement of the company.

It is all legal under CCAA, so doubtful there will ever be any lawsuits. But, it would be interesting if there were.