Buduchnist Credit Union Limited (BCU) faced legal challenges regarding the breach of a Mareva Order, which resulted in it losing priority as a secured creditor. The case revolved around BCU's actions that allegedly contravened the order, intended to prevent the disposal of assets.
Key Points:
Mareva Order Breach: BCU was found to have breached the order, affecting its status as a secured creditor and restricting its ability to enforce its judgment immediately.
Legal Proceedings: The court handled various aspects of the case, including the breach's consequences and specific financial transactions. It remitted one issue concerning the timing of certain repayments back to the Superior Court for further adjudication.
Costs and Awards: Trade Capital Finance Corp., significantly successful on appeal, was awarded costs totaling $83,736.97 for the appeal and $80,000 for the motion.
Outcome:
The appeal by BCU was dismissed, confirming the lower court's rulings regarding the breach and its repercussions. Costs were awarded to Trade Capital, and a remaining issue was sent back to the Superior Court for resolution.
