Motion: Plaintiff seeks an order to issue a Certificate of Pending Litigation (CPL) against the property at 194 Torrens Avenue, Toronto.
Background:
In 2020, Jiujias loaned money to Lau and Mortgage Impression Corp. (MIC), secured by a mortgage on two properties.
Lau and MIC defaulted on the mortgage, leading to power of sale proceedings. One property was sold, and a deficiency of $414,533.43 remained after the second property was sold.
Jiujias commenced the First Mortgage Action against Lau and MIC, which was not defended by Lau. Subsequently, a fraudulent transfer of the property by Lau to Storr and ASML was alleged.
Legal Analysis:
Requirements for CPL:
Interest in land is in question.
High probability of success in the main action.
Evidence of intent to defeat or delay creditors.
Balance of convenience favors issuing a CPL.
Court Findings:
High Probability of Success: Likely for Jiujias to obtain judgment due to Lau's failure to defend.
Intent to Defeat Creditors: Evidence of fraudulent intent through transfer for less than market value, close relationship between parties, significant liabilities at the time, and secretive nature of the transfer.
Balance of Convenience: If CPL is not granted, the sale of the property would dissipate the equity, prejudicing Jiujias' claim.
Conclusion:
Order Granted: Leave to issue a CPL on the property at 194 Torrens Avenue.
Actions Required: Plaintiff must serve motion materials to the defendants, parties registered on title, and attempt to serve the intended purchasers of the property.
The document does not specify a total monetary award
