The appellant appealed an order dissolving a constructive trust imposed on the shares of a joint venture vehicle.
The constructive trust had been imposed to secure the repayment of a loan and the payment of the appellant's share of the joint venture profits.
After the respondents paid the amounts owing, they moved to discharge the trust to utilize accumulated tax losses.
The Court of Appeal dismissed the appeal, finding that the constructive trust had served its purpose and the trial judge properly exercised his equitable discretion to dissolve it once the appellant had elected to pursue an accounting and received payment.
