Providence Realty Inc. owned a large piece of property suitable for development. It received an offer on its property from Botswell Street Developments Ltd., an active company with assets and favourable financial records. One month prior to the signing of the agreement of purchase and sale of the Providence’s property, the shareholders of Botswell Street Developments Ltd. changed the name of the corporation to Botswell
Street Holdings Ltd. The same shareholders incorporated a shell company and gave it the name Botswell Street Development Ltd. The corporation that actually signed the deed was the newly incorporated shell company. It backed out of the deal, and Providence sued Botswell Street Developments Ltd. and its shareholders for breach of contract. What is a shell company? What is the problem with suing a shell company? Are the shareholders of Botswell Street Developments Ltd. liable for the actions of Botswell Street Developments Ltd.? Explain.