The appellant husband appealed the trial judge's decision to set aside a separation agreement on the grounds of material misrepresentation regarding the value of his company, Renegade Capital Corporation, at the date of marriage.
The husband had valued Renegade at $7.6 million using book value, when the trial judge found it was worth nil based on market value analysis.
The trial judge also recalculated the equalization payment and awarded retroactive child support.
The Court of Appeal upheld the trial judge's decision, finding that the husband had breached his disclosure obligations and materially misrepresented his assets.
The court affirmed that the duty to disclose includes the duty to fairly value assets, and that the onus is on the party disclosing to establish the recipient's actual knowledge of any falsehood.
