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Interim Mareva injunction granted to preserve property sale proceeds amid allegations of fraud and asset dissipation.
The plaintiff brought an urgent, without-notice motion for a Mareva injunction against the defendant, alleging fraud and breach of trust regarding funds advanced for a foreign property investment.
The plaintiff sought to preserve the net sale proceeds of the defendant's Ontario property, which was scheduled to close on the day of the hearing.
The court found a strong prima facie case of fraud, a serious risk of dissipation of assets, and that the balance of convenience favoured the plaintiff.
The court granted an interim Mareva injunction preserving up to $327,000 of the net sale proceeds for eight days, with the remainder of the motion adjourned.
