The plaintiff, Akelius Canada Ltd., sought a world-wide Mareva injunction against the defendants, 2436196 Ontario Inc. and B’Nai Fishel Corporation, to protect its ability to recover damages arising from an aborted sale of eight apartment buildings.
The plaintiff claimed $45,000,000 in its Statement of Claim, but sought an injunction for $56,564,318 based on the increased value of the properties.
The court applied the five principles for Mareva injunctions from Chitel et al v. Rothbart et al, finding that the plaintiff established a strong prima facie case and a risk of asset removal given the defendants' sale of the properties and refusal to disclose the location of proceeds.
However, the court rejected the plaintiff's requested injunction amount, noting that the Statement of Claim did not include a claim for post-closing property value increase and that the valuation was inappropriate.
The injunction was granted for $690,631.38, representing professional fees incurred, plus fixed costs of $25,000 payable by the defendants.