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Cassels Obtains $2.7 Million Substantial Indemnity Costs Order in Transfer at Under Value Application Pursuant to the CCAA


Team: Alan Merskey

On November 16, 2021, Justice Dietrich of the Ontario Superior Court (Commercial List) released reasons for costs arising from her judgment of March 19, 2021. Cassels, acting as co-counsel with Norton Rose Fulbright, obtained substantial indemnity costs on behalf of the applicant, Ernst & Young Inc, in its court appointed capacity as Monitor of Bondfield Construction Company Ltd. The costs include approximately $2 million of charges incurred by Ernst & Young LLP’s forensic team as expert investigators and as reimbursement for the Monitor’s own personnel. In making the award, the court concluded that “the looting of Bondfield by its CEO, John Aquino, and the other Bondfield Respondents to the tune of tens of millions of dollars rises to the level of reprehensible and scandalous behaviour that attracts the sanction of substantial indemnity costs.”

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