Unlike condominiums and strata corporations, there really is no specific legislation in Canada, nor much case law, that I am aware of that deals with timeshares specifically. And unfortunately, that is unlikely to change. Since there are so few true timeshares here, there is little demand for legislation.
The timeshare owners in this case got royally screwed by unscrupulous developers with deep pockets and a legal system, that as T-Dot says "had no understanding of timeshare contracts". They seem to have simply applied normal corporate law, which has resulted in such tragic outcomes for the individual timeshare owners.