The court granted the Monitor's application to assign John Aquino into bankruptcy and continued the Mareva order against him.
The decision addresses the requirements for a bankruptcy order under the Bankruptcy and Insolvency Act, the discretion to dismiss or stay such an application, and the standards for continuing a Mareva injunction post-judgment.
The court found that John Aquino had committed an act of bankruptcy, was unable to pay his debts, and that there was no bona fide dispute with the Monitor.
The court also rejected arguments that the application was brought for a collateral purpose and found the continuation of the Mareva order appropriate.
